[lbo-talk] WSJ: Congress Threatens To Take Action It

Doug Henwood dhenwood at panix.com
Sat Apr 9 08:54:44 PDT 2005


Celi Ben wrote:


>What do you think about what they're saying here about oil companies
>switching to the Euro from the dollar causing doom, and they
>probably will do this, so it will be really really bad. Is this
>realistic?

It will not cause doom. The US current account deficit will not bring about the terminal crisis of capitalism, or anything resembling it. It's a problem, maybe a serious one, but nothing of the magnitude that our more sensitive sorts are suggeesting.

Doug



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