Mark Steyn on the devaluation of the dollar and the consequences when it's no longer the world's reserve currency.
"What will America look like without the dollar as global currency? My old boss Conrad Black recently characterized what’s happened over the last half-century as a synchronized group devaluation by Western currencies. That’s a useful way of looking at it. What obscured it was the dollar’s global role. When the dollar’s role is ended, the reality of a comatose “superpower” living off a fifth of a billion in borrowed dollars every single hour of the day is harder to obscure."
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