Jerome a Paris: "we're getting overwhelming evidence that the 'success' of the Anglo economies in recent years was counterfeit, that GDP growth was fake (even if its increasingly unequal sharing was very real), and that a lot of dollar-based and pound-based value is dubious."
There's some dispute about whether the dollar is really crashing, now. I have my doubts, but little expertise, so I will shrug my shoulders. But, the hard reality is the prosperity of the American economy under Bush has been exposed as a total fraud. The days of the dollar as a reserve currency are numbered, and the risk of massive sloshing about of accumulated dollars and dollar securities is very real.