] In a nutshell, Roach's argument is that America's
] record trade deficit means the dollar will keep falling.
] To keep foreigners buying T-bills and prevent a resulting
] rise in inflation, Federal Reserve Chairman Alan
] Greenspan will be forced to raise interest rates further
] and faster than he wants.
] The result: U.S. consumers, who are in debt up to
] their eyeballs, will get pounded.
] Less a case of ``Armageddon,'' maybe, than of a
] ``Perfect Storm.''
[ I've been reading more and more of this kind of story. It's scary. Having completely zeroed my credit cards, I'm presently working to pay off all my variable interest rate loans, because the rate hikes have already started. If you haven't consolidated those student loans onto something fixed, I don't think I'd wait... -k]
BostonHerald.com - Business: Economic `Armageddon' predicted