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The Telegraph nicely sums up the long-term implications of the fiscal impasse in Washington in a story that’s being passed around. A deal is close but it’s a limited can kicking exercise and with a Congress increasingly filled with zealots, it’s impossible to imagine the near-future with a properly functioning Congress. It’s also impossible to envision a future where the dollar is a more-dominant currency; instead it will gradually lose influence (and value).
Politics are grabbing the headlines …
Politics are grabbing the headlines …