"At that IMF meeting the 2006 World Economic Outlook was launched, warning of a dollar collapse – due to global trade imbalances, spiraling US debt and the demise of the petro-dollar reserve standard. In the language beloved of obfuscating economists who hope thereby to soften the truth, it stated: ‘Global current account imbalances are likely to remain at elevated levels for longer than would otherwise have been the case, heightening the risk of sudden disorderly adjustment. Sudden disorderly adjustment’ is the current bankers’ euphemism for the consequences of a dollar collapse. Others, including Morgan Stanley economist Stephen Roach, as well as financiers Soros and Warren Buffet, refer to it as ‘economic Armageddon’. How close are we to that?"
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Margaret Legum
Margaret Jean Roberts Legum (8th of October 1933 Pretoria, South Africa – 1 November 2007, Cape Town, South Africa). She was a South African/British anti-apartheid activist and social reformer, who specialized in economics.
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