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Rubber Duck 2nd August 2006 12:09 AM

US Economy
We seem to have a problem in the US, and Nero fiddles whilst Rome burns.

Two stories stand out today. The first is the implosion of the US Car Industry:

The second is Paulson talking absolute bollocks:

<<<In his first public comments since taking the post he also signalled he would stick to the strong dollar policy of his predecessor John Snow.

He also echoed Mr Snow's criticism of China's monetary policy.

The US has long attacked China for failing to loosen its ties on the yuan, claiming that it fixes its exchange rate at an unfair level - a move that allows the country to supply low cost exports.

"The Chinese need to show more flexibility with their currency," Mr Paulson told CNBC. >>>

Surely even Bush's lot can work out whether they want a higher or lower exchange rate with China? In one breath they are saying that that need to keep the dollar strong to make imports affordable and keep inflation down and in the next they are condemning China for helping them do just that. It is time that America stopped trying to build an economy which is primarily based on litigation and started focusing on producing goods/services that people want at a price they can afford.

The queston is: Does this mean that World Economy is about to be dragged down by a flagging US, or does it mean that US dominance of the World economy is drawing rapidly to a close?

Drewbert 5th August 2006 03:52 PM

Re: US Economy
The rest of the world will recover quickly by finding new markets to replace the USA. When the US people can no longer afford to buy gas for their cars, the price will drop and the Chinese will have access to more, allowing their economy to EXPLODE.

US Gov dept rings in at 5 digits per US household.

Factor in that most householders there keep refinancing their homes to pay for their spending habits and credit card debt levels, and you have a very sad picture.

Listen to the talking heads on the TV pleading with people to keep spending - it's the only thing preventing the collpase and one day the spending will have to stop.

This IS the Chinese century. USA is about to go the way of the Greek, Roman, and British empires.

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