Nouriel Roubini has an interesting op-ed in the NYT today that’s actually got very little to do with the financial crisis or the banks or the prospects for a recovery some time in the next year.
It’s about the process that’s already in place for China’s Renmimbi to supplant the US dollar.
First, the conditions definitely seem in place for the Dollar’s status to erode. We’ve got a stunning level of debt, and it’s clear that the rest of the world is growing uneasy about financing it all. We’ve also got deep political problems, notably a Congress that’s been thoroughly captured by special interests, and thus lacks the political will to take real action on anything
