“Mr. Treehorn draws a lot of water in this town. You don’t draw s—, Lebowski.”
–The Sheriff of Malibu, TBL

Is this where the overthrow of dollar hegemony will be said to have begun in earnest, after much throat-clearing, with Red China throwing a BRIC through the window at the IMF? Less apocalyptically, in competing with US treasuries as a safe means of global exchange, Special Drawing Rights (IMF notes based on a basket of currencies including the dollar) push US interest rates upward. And up is where the rates of chronic debtors go.

But not necessarily. They interred Michael Jackson today with a parade of SUVs befitting a state funeral (hazard lights set to mournful in the twilight). Half a billion in debt is no small feat, after all. Michael’s creditors, having no interest in liquidating his gaudy assets, had him lined up for 50 shows. Put on your dancing shoes, America.

Filed under: Economics, World