From Al Jazeera:
Thursday 23 December 2004, 15:59 Makka Time, 12:59 GMT
French Finance Minister Herve Gaymard has said that the fall of the dollar could become catastrophic in world terms.
Speaking from the General Motors factory in the French city of Strasbourg on Thursday, the minister said the US "absolutely had to understand" that coordinated international management was needed.
"If we stay in the current situation, it's possible to imagine a catastrophic situation at world level, for the Europeans who have an over-valued currency, for the Asians who hold assets in dollars and for the Americans because long-term interest rates will rise," said Gaymard.
Referring to the "inter-penetration" of economies, he said that "today many jobs in the United States depend on the good health of European groups". <more>
http://english.aljazeera.net/NR/exeres/355EBC8B-D620-4410-A70A-54BAA169E19E.htmI somehow don't think the U.S. is listening. Get ready for skyrocketing interest rates.
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