OrlandoMary
04-01-2005, 10:56 AM
Dollar "catastrophe" prompts call to replace George W Bush
US unable to repay $7 trillion in loans, claim
By: INQUIRER staff Thursday 31 March 2005, 09:15
THE FORMER prime minister of Malaysia, Mahathir Mohamad, has launched into
a swingeing attack on US president George W. Bush and warned that the
global economy was heading for a catastrophe with the dollar in danger of
imminent collapse.
Mahathir claimed that the only reason the US dollar was keeping its value
was because of a widespread fear of global meltdown if it collapsed.
According to a report in today's Taipei Times, the only way to avert such
a meltdown in the value of the US dollar was if the Americans replaced
George W. Bush with a "more responsible president". Replacing US
presidents isn't that simple, we suspect.
The former prime minister suggested one answer to the impending doom was
to switch from dollars to a gold standard for international trade.
Companies should start demanding that payments be made in Euros, or that
US dollar payments should be at the Euro rate.
A dollar catastrophe was inevitable because the USA was unable to repay
loans which Mahathir estimated amounted to $7 trillion. One US dollar is
currently worth .77 of a Euro, and .53 UK pounds. Which is fine and dandy
if you're a Brit that goes shopping for iPods in New York, but is
crippling when you're an IT company that gets paid in US dollars. ยต
L'INQ
Taipei Times
http://www.theinquirer.net/print.aspx?article=22247&print=1
OrlandoMary
www.maryschneider.us
US unable to repay $7 trillion in loans, claim
By: INQUIRER staff Thursday 31 March 2005, 09:15
THE FORMER prime minister of Malaysia, Mahathir Mohamad, has launched into
a swingeing attack on US president George W. Bush and warned that the
global economy was heading for a catastrophe with the dollar in danger of
imminent collapse.
Mahathir claimed that the only reason the US dollar was keeping its value
was because of a widespread fear of global meltdown if it collapsed.
According to a report in today's Taipei Times, the only way to avert such
a meltdown in the value of the US dollar was if the Americans replaced
George W. Bush with a "more responsible president". Replacing US
presidents isn't that simple, we suspect.
The former prime minister suggested one answer to the impending doom was
to switch from dollars to a gold standard for international trade.
Companies should start demanding that payments be made in Euros, or that
US dollar payments should be at the Euro rate.
A dollar catastrophe was inevitable because the USA was unable to repay
loans which Mahathir estimated amounted to $7 trillion. One US dollar is
currently worth .77 of a Euro, and .53 UK pounds. Which is fine and dandy
if you're a Brit that goes shopping for iPods in New York, but is
crippling when you're an IT company that gets paid in US dollars. ยต
L'INQ
Taipei Times
http://www.theinquirer.net/print.aspx?article=22247&print=1
OrlandoMary
www.maryschneider.us