More evidence of the amoral political judgement of capital upon the USA
While one can complain about the lack of savings here as a metric of lack of self control leading to these things, that may turnout to be minor compared to the average American's drive to succeed, and therefore HAVE as a corollary, as the key to why economics really is never a zero sum game, if we play. To succeed we invent, conspire and bludgeon towards what never was, and never would be without us.
Never the less, lack of resolve in Washington, lack of SEEING WHAT IS, is driving others to take self protective measures which say far more than any stupid press release, political comment, or bellicose semi secret atomic messages.
Our failure to acknowledge the nature of what we face, and our manifest failure to seriously invent and bludgeon our way out of economic energy dependency on the very people who mean us ill, for religious reasons, say all that needs to be said to those who wish to protect their assets.
In short, we are not leading, we are drifting and the enemy despite what it looks like, has a playbook. AND, there is no change in sight. The motion of capital is a clear symptom and corollary of its determination to survive.
Japan and China lead flight from the dollar
By Ambrose Evans-Pritchard, International Business EditorLast Updated: 12:26am BST 18/10/2007
Japan and China led a record withdrawl of foreign funds from the United States in August, heightening fears of a fresh slide in the dollar and a spike in US bond yields.
Data from the US Treasury showed outflows of $163bn (£80bn) from all forms of US investments. "These numbers are absolutely stunning," said Marc Ostwald, an economist at Insinger de Beaufort.
Asian investors dumped $52bn worth of US Treasury bonds alone, led by Japan ($23bn), China ($14.2bn) and Taiwan ($5bn). It is the first time since 1998 that foreigners have, on balance, sold Treasuries.
Mr Ostwald warned that US bond yields could start to rise again unless the outflows reverse quickly. "Woe betide US Treasuries if inflation does not remain benign," he said.
The release comes a day after the IMF warned that the dollar was still overvalued and likely to face "some depreciation in the medium term".
The dollar's short-lived rally over recent days stopped abruptly on the data, increasing pressure on US Treasury Secretary Hank Paulson to shore up Washington's "strong dollar" rhetoric at the G7 summit this week.
The Greenback has already fallen below parity against the Canadian Loonie for the first time since 1976 and has touched record lows against a global basket. It closed at $2.032 against the pound.
Now I seem to remember WHO was elected president back then, and what THAT lead to. 22 Gia Long St, was April 1975, and Iran was 1979. Those events boxed the highest combined unemployment and inflation rates in modern times. A JUDGMENT