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Saturday, June 02, 2007 

"US Debt Could Trigger Dollar Collapse" - UN Warns

The United States dollar is facing imminent collapse in the face of an unsustainable debt, the United Nations warned this week.

United States debt, which had now deepened to well over $3 trillion, might turn out to be unsustainable in the rest of 2007 or next, putting further downward pressure on the United States dollar, Rob Vos, the Director of the Development Policy and Analysis Division of the Department of Economic and Social Affairs (DESA), told correspondents at a Headquarters press conference.

-Press Esc
-United Nations news

Progressive Bloggers


They have hit that debt well, and watch out, they might start shooting the hippos.
Sure are looking a "third world banana republic" (I hesitate to say that - as most undeveloped countries are in economic strangleholds because of neoliberal world bank policies).

Perhaps they will have to get a loan from the world bank and get a taste of their own medicine.

I don't believe the U.N. I falling for the 3 trillion line, it's realy 9 in pure debt and 56 when you add in unfunded liabilities.

Yes the U.S. is going to come crashing down and possibly start a world wide recession/depression that will leave few countries with the captial to clean up their green house gas problems. GHG will drop on their own during this period simply because of lower economic activity but no progress will be made for the next upswing providing that peak oil even allows another up swing to ever happen.

The U.S. is screwed and will take everybody else with them.

$3 billion? Try $8.8 and climbing. I agree with janfromthebruce -- get the World Bank or IMF to intervene like they did in the 1970s when they had to bail out the UK.

What a lot of people don't realize is that a sizable chunk of those US "T-Bills" are held by China right now.

While China's economy does rely on US as a primary importer, the huge amount of US T-Bills held by China gives them the upper hand in the current posturing with the US. All they have to be willing to do is float their block of T-bills at fifty cents on the dollar, and watch the US dollar go into freefall - taking the US economy with it.

You could call it 'Mao's Revenge'!

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