In April 2007, I wrote an article on "The end of the American empire" and related the fall of the USA to the fall of the dollar.
There we are today.
Things are going much faster than I thought.
As far as Europe is concerned, the solution is not in relaxing interest rates, as many people suggest, and I hope Jean Claude Trichet will resist the pressure.
Central banks need to restore the confidence in the dollar, urgently.
This crisis will speed efforts to price oil, metals and other soft commodities in another currency than the dollar.
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