On Jan 26, 2009, at 2:46 PM, John Gulick wrote:
> the reigning global hegemon, now in decline
That's the way I normally see it, but it's amazing how hard the rest of the world has fallen in this financial/economic crisis. Our Treasury is having - so far - no trouble selling its bonds, unlike some other countries. The dollar's holding up - after weakening from about $1.25/euro in mid-2006 to almost $1.60 last summer, it's back to $1.30. For now - but the periphery of the eurozone is in trouble and there could be some drop-outs yet. I guess the decline could be pretty slow.