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IPFS News Link • Obama Administration

Obama's peace shattered as dollar takes a pounding

• WA Today
And that, of course, implies a savage sell-off of the US dollar. And the consequences "could jeopardise the entire recovery" of the American economy. The root problem is simple. The world increasingly doubts that the US Government can repay its debts. Altman set out why: "For 2011 and beyond, the fiscal challenge is fearsome. A combination of prior tax cuts, years of high spending and a brutal recession have produced the worst budget conditions in 75 years."