Barack Obama and globa economy - by Peter Hartcher
As the Nobel Prize committee was voting one way on Barack Obama's promise for the world's future, the global marketplace was holding a very different vote on America's future. The US dollar is falling sharply against currencies around the world. Since March it has lost 9 per cent of its value against the yen, 17 per cent against the Canadian loonie, 18 per cent against the euro and 40 per cent against the Australian dollar. And the price of gold rose to an all-time high of $1040 an ounce in the past week, partly on fears over the future of the greenback as a store of value.
The US deficit is a bipartisan disaster. It demands a bipartisan solution.
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