S&P EXPERTS PREDICT GLOBAL ECONOMIC ARMAGEDDON!
Well isn't this encouraging (insert sarcastic chuckle here). We have the USA breaking right thru our debt ceiling, and now, the smart folks at Standard and Poors are predicting that dollar is poised to lose up to 45% against the euro. This could set-off a massive global economic crisis...
Experts of Standard & Poor's forecast a global economic collapse. The collapse will be caused with the demise of the US dollar rate against the European currency by more than 30 percent. The dollar, specialists say, may lose almost 45 percent of its current value against the euro. However, it is obvious that even a 30 percent reduction will affect the international economy greatly.
European financial specialists say that the demise of the American currency will endanger the global economy on the whole. Alex Weber, a member of the ECB council, stated during the recent Economic Forum in Davos that international investors do not pay enough attention to the risks which the global economy has to face at the moment. The President of the European Central Bank Jean-Claude Trichet agreed with his colleague. According to Trichet, the world will have to pay a huge price for the ongoing increase of the payment deficit in the USA.