The Chinese currency’s challenge to the dollar is finally hitting mainstream media outlets, thanks to a recent editorial by Nouriel “Dr. Doom” Roubini in the NY Times. We at ASR have been watching this unfold for a few months now with growing consternation; hopefully Roubini’s editorial will mean our public officials will have to begin confronting the reality that our Dollar based hegemony is crumbling, and that soon we’ll be as bound by the same economic laws as every other country. We’ve gotten used to diluting our inflation in the ever-growing pool of foreign held dollars; without that outlet, we’re going to have to totally rethink the fiscal policies of the Federal government. Soon, we’re going to have to confront the hard choice: live within our means or experience hyperinflation. We’ve gotten used to having our cake and eating it too; this is going to be a very rude wake-up call for many, many people.
The story has also been picked up by the London Telegraph! Keep the meme spreading!