The Global Depression of 2010 Awaits

In the good old days of 2005, the US dollar’s share of the world’s financial system had dropped to around 60%. The dollar was slowly losing its status as the global reserve currency as the Eurozone became a reality and the Euro began to be held in reserve in the central bank coffers of Japan, China, Brazil, Russia, India, the UK, and others.

Then the October crash of 2008 happened, and the world suddenly became aware of the profound lurking global systemic risk to both its financial system -- and the real-world’s global trade. It turns out that the world was really much more interconnected than ever before, and the fantasy of “uncoupling” from the United States and its financial system was just that -- a fantasy.