Wednesday, December 24, 2008

Disrespect for American Financial Prowess Increases

The slow collapse of the United States as a financial superpower continues.

Japan should write-off its holdings of Treasuries because the U.S. government will struggle to finance increasing debt levels needed to dig the economy out of recession, said Akio Mikuni, president of credit ratings agency Mikuni & Co.

With the amount of money the Fed is printing, world leaders are likely to get much more vocal about the U.S. economy, Treasury securities and the dollar. And, it's not gong to be pretty.

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