Stiglitz : Days numbered for Dollars Dominance

Nobel Price winning Economist Joseph Stiglitz on the Enormous Fiscal Deficit staring at US and the Role of Dollar in coming years

From washingtonpost : Beware of deficit fetishism.

Last week we learned that the national debt is likely to grow by more than $9 trillion. That's not great news -- no one likes a big deficit -- but President Obama inherited an economic mess from the Bush administration, and the cleanup comes with an inevitably high price tag. We're paying it now.

There are no easy options. When financial crises strike, economic growth declines and living standards drop, resulting in lower tax revenues and greater need for government assistance -- all of which leads to higher fiscal imbalances.

What really matters is not the size of the deficit but how we're spending our money. If we expand our debt in order to make high-return, productive investments, the economy can become stronger than if we slash expenditures.

Full Article