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Originally Posted by renormalised
I think the dollar will go as high as US$1.50 within the next 4-6 months, like some have said. And if the US economy goes like I think it will, then it will go even higher. I'd say the next "universal currency" will either be the Euro, if they can extricate themselves from following what the US has fostered for itself lately, or it will be the Chinese currency.
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The Chinese government has too much control over the Yuan for other countries to want it as a reserve currency.
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The next few days will be critical. If they can't raise enough votes in Congress to sort out their debt problems by the 2nd of Aug, and the Republicans scupper it, then they're in really serious trouble. Not only that, it will have knock on effects in many other economies as well. Europe itself is in pretty dire trouble and I don't think the people there will put up with it in the end. It won't just be Greece that'll have riots in the streets.
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I though I heard on ABC this morning they got just enough Republicans on side to get the bill through the House. That gives the Senate Monday to pass it.
Andrew