A Warning from the OECD
From the Organisation for Economic Co-operation and Development (OECD), the Western world's chief economic overseer, a warning:
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the eventual rebalancing of the US current account gap 'looks increasingly unavoidable' and will send shock waves across the globe, starting with a slump in the dollar's exchange rate.London Irvine says if this were to happen, Japan and China could each lose $400 Billion in forex reserve value. Clearly, a USD fall would deal pain here and around the world.The OECD said in its world economic outlook that the depreciation faced by the dollar could be 'of the order of one-third to one-half.' (emphasis added)
Posted by movermike on
Wednesday May 24, 2006 at 5:18am
