We’re all doomed – again

…Kevin Phillips, a former senior strategist for Richard Nixon’s 1968 campaign, cannot see the Obama Administration reining in the buccaneers. In the 2008 election, the Democrats and Obama himself were funded by financial services firms including hedge funds.

Phillips also looks at the inability of all sides in politics to come up with a policy on energy and oil, even though the future of the US energy supply, the value of the dollar and global warming are converging on the interplay of oil and US currency flows. America is vulnerable to peak oil, which will weaken the US dollar even further.

Phillips makes four predictions: Asia will dominate the global economy by 2030; China is the best bet to be the dominant power in Asia; a city with a large Chinese population, and not necessarily in China, will become Asia’s leading financial centre; and the premier currency in Asia will have a leading reserve function to sit alongside the US dollar and euro by 2030.

Sydney Morning Herald