The dollar뭩 reserve currency role is drawing to an end

Mr_Jefferson_24

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Tue Jan-29-08 05:01 AM
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The dollar뭩 reserve currency role is drawing to an end

By Paul Craig Roberts
Online Journal Guest Writer

http://onlinejournal.com/artman/publish/article_2890.shtml

---snip---

It is difficult to know where Bush has accomplished the most destruction, the Iraqi economy or the US economy.

In the current issue of Manufacturing & Technology News, Washington economist Charles McMillion observes that seven years of Bush has seen the federal debt increase by two-thirds while US household debt doubled.

This massive Keynesian stimulus produced pitiful economic results. Median real income has declined. The labor force participation rate has declined. Job growth has been pathetic, with 28 percent of the new jobs being in the government sector. All the new private sector jobs are accounted for by private education and health care bureaucracies, bars and restaurants. Three and a quarter million manufacturing jobs and a half-million supervisory jobs were lost. The number of manufacturing jobs has fallen to the level of 65 years ago.

This is the profile of a Third World economy. . . .

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