That seems to discount the other side of the coin and that is the US can honour its debt obligations by further military expansion, ergo, Iran, and, because everyone wants to keep a steady and universal medium of wealth holding, they will look the other way when Iran is bombed. The US boat has all the OECD and china on board. This is lifeboat theory transmuted into economics. The genius of American empire is that everyone is a partner in crime. The dollar might adjust downward for a while but only to the extent to which American military is overstretched and not by the size of fictitious capital altogether. so in that fiat dollar, the us military and its ability to presume operations abroad is a principal component. a bust like situation may occur when there is an unusually high claim of US national assets. When many who have dollars come to the US to buy equity and ports ( Dubai case) and airports. When the denationalisation of American assets occurs it is a signal that the state is receding, then and only then, or so I think for now, will a crash occur.
ken hanly <[EMAIL PROTECTED]> wrote: --------------------------------- Want to start your own business? Learn how on Yahoo! Small Business.
