The utterly stupendous strength of the Canadian dollar – which is simply murdering the US greenback, trading this morning at $1.10US – got me to thinking about the next big challenge.
The biggest challenge facing us is not Iraq, or the environment, or Afghanistan, or water … it’s the looming crisis in America. America, you see, is a nation in decline. It has been eclipsed. It is a nation of the last century. America and Americans will struggle with this fact and do much to put it out of mind; worse, deny it.
The crisis will lie in that moment when the collective American psyche tries to cope with this new world reality and the struggle existent in knowing that after a century as number one, you find yourself a ‘has been’. Heaven pray a leader with some sense sits in the White House when that tipping point arrives.
I wonder if Americans know this is coming? I wonder if they know the biggest holder of US dollars – US$1.4 trillion in fact – are the Chinese? And boy oh boy, when the Chinese opt to start selling off that currency, which will certainly one day happen, watch out.