The dollar was under pressure last week, falling against the euro and gold. The danger is not a weaker dollar but a complete collapse of the dollar. Or, if interest rates are raised to prevent the dollar from collapsing, a complete collapse of the U.S. economy.
In the past, a collapse of the domestic U.S. economy would have been seen as a problem by those profiting from the economy. Now, however, those who own don't need those who work to actually do much consuming.
|©New York Times|
|Emergency responders today carrying the injured out of Norris Hall at Virginia Tech in Blacksburg, Va|
For most Iraqis, especially minority communities who cannot rely
on armed groups to protect them, the eventual division of Baghdad
would be a real tragedy. Kurds, Turkmen and Christians are already
desperately looking for areas which give them an inkling of safety.
"It would be a real shame if we lost it."
|©AP Photo/Cheryl Senter|
|Local police attend to a car that has spun off the road on RTE 9|
|Three simulated planets -- one as bright as Jupiter, one half as bright as Jupiter and one as faint as Earth -- stand out plainly in this image created from a sequence of 480 images captured by the High Contrast Imaging Testbed at JPL. A roll-subtraction technique, borrowed from space astronomy, was used to distinguish planets from background light. The asterisk marks the location of the system's simulated star.|