From the Guardian:
| "International investors will eventually adjust their accumulation of dollar assets or, alternatively, seek higher dollar returns to offset concentration risk, elevating the cost of financing the US current account deficit and rendering it increasingly less tenable." - - - Alan Greenspan, Federal Reserve chairman, speaking at a banking conference in Frankfurt this week. |
It's only a matter of time, folks. The reelection of Bush has guaranteed a major economic downturn for all but the wealthy. Get ready for double-digit inflation, 12% home mortgage rates, rising unemployment and homelessness, and a really crappy 10-15 years of life.
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