World Bank Chief on US Economy

[Merlin]

The World Bank chief Robert Zoellick commenting on the US economy.

World Bank warns unemployment threatens US economy

3 hrs ago [AP] SINGAPORE — Stubbornly high joblessness threatens to trigger loan defaults and drag on consumption next year, hobbling a U.S. economy struggling to rebound from recession, World Bank President Robert Zoellick said Wednesday.

Zoellick warned that the U.S. unemployment rate, which jumped to a 26-year high of 10.2 percent in October, will likely remain elevated in 2010.

"You're going to have problems with delinquencies of credit card loans, consumer loans, people won't be able to pay their mortgages," Zoellick told reporters in Singapore. "Some banks are going to continue to be troubled by bad loans." ....

[Merlin]

Zoellick also comments on the US dollar and gave warning that US needs to tackle its huge fiscal deficit.

US cannot be complacent about dollar - World Bank

SINGAPORE, Nov 11 (Reuters) - World Bank President Robert Zoellick said on Wednesday that the dollar's role as a reserve currency is intact, but the United States cannot take it for granted and needs to tackle its huge fiscal deficit.

There would be limited options for central banks to diversify their reserves away from the dollar in the near-term, but the Chinese yuan would provide an alternative in the next decade or so, he said. ....

"Over the next 10-15 years, you will firstly see renminbi to be internationalised and provide an alternative," he said. ....

[Roosveltrepub]

Zoellick also comments on the US dollar and gave warning that US needs to tackle its huge fiscal deficit.

US cannot be complacent about dollar - World Bank

China's demographic shifts are coming to soon in it's rise as an economic power for that to happen.

[gunnut]

Zoellick is racially motivated because he questions an African-American president's policies.

[Roosveltrepub]

Zoellick is racially motivated because he questions an African-American president's policies.

I dont get it. Who is screaming rascism? I see a lot of talk about intellectul dishonesty surrounding responsibility for our deficts but not racism

[gunnut]

I dont get it. Who is screaming rascism? I see a lot of talk about intellectul dishonesty surrounding responsibility for our deficts but not racism

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[xinhui]

China's demographic shifts are coming to soon in it's rise as an economic power for that to happen.

enough to off set the productive gain? that is the 2 trillion dollar question.