2008-03-18yahoo.com

'The need to finance the staggering trade deficit is even more horrific. We borrow close to $1.6 billion a day to feed our cars and air conditioners. These two deficits have simply demolished the value of the dollar. This has led to a self-reinforcing cycle in which oil states demand more dollars to offset the falling dollar and we need to borrow more to pay for those higher prices; this in turn leads to a still lower dollar, higher oil, and on and on.'



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