From the article:
The eyes of all peoples are still upon us, only for different reasons. Whom will we attack next? When will we be bankrupt? What good is the American consumer market when the mass of the people are employed in third world jobs? How much longer will those trillions of dollars held by foreign governments be worth anything? How long before Americans will be knocking on European doors claiming political asylum?
Please take a look at this article I posted earlier - it is going to happen:
http://www.bruneitimes.com.bn/details.php?shape_ID=34567Global economy faces 'chaos' Part of the problem stems from Asia, which holds the vast majority of the world's foreign reserves at about US$2.7 trillion and the region has to do something about it, the Thai finance minister said. "It seems like East Asia is simply accumulating these deficits from the United States and the more they accumulate, the more they want to protect, to make sure the value of the US dollar does not decline because otherwise all the central banks will have a problem," Chalongphob said.
"So I think this is where East Asia does have a major role to play in shaping the direction of the global financial system, as the region which holds most of the world's official reserves," he said.
Shanmugaratnam said the global community must brace for "the unknown unknowns that come along every few years, and it could be a pretty vicious unknown unknown with an unwinding that's unpredictable in global financial markets".
Bubbles in the property and equity markets are evidence suggesting that a financial shock could come, said Shanmugaratnam.
"There's a high degree of complacency coming out of a very long period of a low interest rate environment and a low volatility environment, but seasoned observers, those who have been around long enough, know that a shock is very likely to come at some point. You really can't tell how this unwinding is going to play out, but it could be substantial and I think emerging markets have to brace themselves, have to put in place the shock absorbers to deal with this sort of event."
:banghead: One more Bush legacy - God will be his judge.