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Monday, February 28, 2005

Top Australian Treasury Advisor Warns of Dollar Collapse

A top Australian treasury official is warning of a global financial crisis if there is a U.S. dollar and government bond sell off.

Treasury Secretary Ken Henry compared the flood of money pouring into the United States to support its budget and current account deficits to the stock market's dot-com bubble in the late 1990s.

If money stops pouring into the United States, it would hit the U.S. economy and
ramifications would also hit all other parts of the world economy, Henry said.

Henry is one of many voices warning about a possible dollar collapse.

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