HSBC Bids Farewell To Dollar Supremacy

by Liam Halligan - September 20th, 2009 - London Telegraph

The sun is setting on the US dollar as the ultra-loose monetary policy of the US Federal Reserve forces China and the vibrant economies of the emerging world to forge a new global currency order, according to a new report by HSBC.

In less than one year, the profligate spending policies of Barack Obama has weakened America to the point that the Hongkong and Shanghai Banking Corporation, one of the most powerful banks in the world (if not the most powerful), is predicting the end of American currency as the basis for international trade.

Barack Obama is so ignorant of the way the world currency system works, that he thinks the crisis in our banking system is over. He has been running around saying that he fixed the problem, when he has only made problems worse. Inflation is about to hit us hard due to the loose money policy of Obama's fed. Simultaneously, commercial mortgages are experiencing a rising default rate as prices collapse due to the unwillingness of foreign investors to risk the foreign exchange losses they will incur by investing in America.

It is no wonder that Castro and Putin love Barack Obama. Both have longed for American collapse for years and Obama is giving them their wish while asking for nothing in return. They have to be pinching themselves in wonder at their great fortune.