With the Euro Falling, US Recovery Is Under Threat
OPS_admin | Feb 08, 2010 | Comments 0
Intensified fears over government debt in the eurozone are pushing the euro weaker against the dollar. The G7 achieved nothing over the weekend, the IMF is stuck on the sidelines, and the Europeans are sitting on their hands at least until a summit on Thursday. There is a lot of trading time between now and then — and most of it is likely to be spent weakening the euro further.
The UK also faces serious pressure, and there is no telling where this goes next around the world — or how it gets there.
There may be direct effects on the US, as our banking system remains undercapitalized. Or the effect may be through making it harder to export — one of the few bright spots for the American economy over the past 12 months has been trade. But this is unlikely to hold up as a driver of growth if the euro depreciation continues.
Full Story Simon Johnson: With the Euro Falling, US Recovery Is Under Threat.
Filed Under: Economy - Labor
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The oligarchs openly talking about a coup d'état in America?
Multi-millionaire lobbyist Grover Norquist is calling for the impeachment of President Obama. In an interview with the right-wing National Journal - Norquist warned that if President Obama wins re-election and decides to let the Bush tax cuts for the top 2% expire at the end of the year - then Republicans will "have enough votes in the Senate in 2014 to impeach [him]."What does that mean? It means that the super rich in America - and their political operatives like Norquist in Washington, DC - have now compared a tiny tax increase on the wealthy to high crimes and treason - the only Constitutional basis Congress can use to impeach a President. It sounds like the oligarchs are now openly talking about a coup d'état in America.-Thom(Do you think will try it? Tell us here.) -
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