Comparing Dr. Jeremiah's Predictions to Bloomberg's Reports

In the most recent chapter of "Economic Armageddon", Dr. Jeremiah describes how the United States' reign as the world's foremost economic power will decline once it loses its "reserve currency" status (the currency against which all foreign currencies are pegged).  Having the world's reserve currency has benefits that, once lost, will relegate America to a 2nd tier financial power.  Dr. Jeremiah believes that our nation will lose this longstanding status in the future.

Today's Bloomberg podcasts on the economy interviewed international economists who discussed the merits of regional reserve currency standards to be held by China, Europe, and Australia/New Zealand.  So, the long held reserve currency status appears to be fleeting.

Meanwhile, our leaders in Washington are posturing for the 2012 election while our economic house of cards continues to shimmy towards collapse.