GOP antics may lead to a ‘de-Americanized world’
When there’s a global economic crisis, investors from around the world have spent the last several generations doing one thing: they buy U.S. treasuries. The reasoning, of course, is that there is no safer investment, anywhere on the planet, than the United States of America – which has the strongest and largest economy on the planet, and which always pays its bills.
All of these assumptions, of course, were cultivated over generations, and pre-date the radicalization of the Republican Party.
But what happens when U.S. treasuries are no longer considered safe, Americans can no longer be counted on to pay its bills, and the nation’s most powerful economy chooses to default on purpose? The world starts reevaluating old assumptions, that’s what.
In Britain, Jon Cunliffe, who will become deputy governor of the Bank of England next month, told members of Parliament that banks should be developing contingency plans to deal with an American default if one happens.
And Chinese leaders called on a “befuddled world to start considering building a de-Americanized world.” In a commentary on Sunday, the state-run Chinese news agency Xinhua blamed “cyclical stagnation in Washington” for leaving the dollar-based assets of many nations in jeopardy. It said the “international community is highly agonized.”
Read more: http://www.msnbc.com/rachel-maddow-show/gop-antics-may-lead-de-americanized
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What a bunch of tools,They'll be the first crying that their value has gone down (as if they have value) and the dollar is worthless, DUH assholes what did you think would happen!
