America's dangerous deficit

We distribute this article from the International Herald Tribune, with permission, as it is among the first that we have seen in the mainstream media publicly speculating about the possibility of the US effectively restricting access of central banks to their dollar reserves.

Needless to say, there is no basis for expecting this to happen in the short run, but Philip Bowring is right to point out that the US has a history of changing the rules of the international monetary system in shocking