The Perfect Storm

Ingredients:

1 massive upstage as dollar loses reserve status*
3 trillion dollars of our own debt bought by...us, since no one else wants it.
40% of income taxes going towards national debt interest payments.
9.8% unemployment rate.
A dollop of wealth transfer to other countries.
A splash of oil traded in euros rather than the dollar.
Add the possibility of default by our largest debt-holder....
Mix it all together with a little anti-Americanism..and voilà! There you have it.

"Despite what the Fed and other central bankers say, a weaker dollar is desirable because it is necessary to rebalance the global economy.

"As long as the decline is gentle and orderly, then they're happy. But aggressive selling would spook the markets," he added.

Gentle and orderly...as we slide off the cliff. Nice.

* Updated to reflect new development.