A late surge helped U.S. stocks regain almost half their losses from the day before.
Economist Joseph Stiglitz says the International Monetary Fund should create a new reserve currency, rather like declaring that a massive gold mine has been discovered under the IMF building.
This week marks the end of the dollar’s reign as the world’s reserve currency. It marks the start of a terrible period of economic and political decline in the United States. And it signals the last gasp of the American imperium. That’s over. It is not coming back. And what is to come will be very, very painful.
Last week it was Budweiser that was sold to the Europeans, this week it is the NBA that fell victim to a global economic shift that's seen the dollar nose-dive vis-à-vis the euro. Respected young forward Josh Childress accepted a fatter offer from a Greek club than the one his U.S. team reportedly was making. He may not be the last.