Thursday, December 13, 2007
Dollar devalued 60% in 2008
Clyde Prestowitz from Global Strategic Institute speaks on Globes:
(1) Israel has too much confidence in the US. The US has weaknesses so Israel should be preparing other relationships.
(2) The US dollar will be devaluated 60% next year. Oil will be quoted in a basket of currencies.
(3) Israel should be more competitive. Like Singapur. Israel feels too satisfied with itself.
I share insight (2). USA's per capita GNP is too high. It is an artifact of an overvalued dollar. A 60% devaluation would put it at an European level.