dollar serving is the reserve currency and that is the problem because the dollar has no intrinsic value on its own if the prior to the dollar becoming the reserve currency gold was the reserve and gold has intrinsic value you cannot simply create gold out of that air it costs a lot of money to find it and extract it from the ground and so it's scarce and it has real value but you can print money out of thin air then burn act is doing and the united states is abused the privilege of issuing a global. reserve currency and we are exploring exporting our inflationary irresponsible monetary policy all around the world and we are poisoning the global monetary system so the only solution is to jettison the dollar and to reason blaise goal as the reserve or the currency so that they would no longer be c dot so they would be backed by something of legitimate value and central banks would raise interest rates without having to worry about the impact that that would have on their currencies rest of the dollar because part of the problem is interest rates are too low and that is fueling asset bubbl

dollar. well you could say that but the truth is that the value of gold is more or less holding steady and it's the value of paper currencies that are not denominated in gold the us fall into the purchasing power of bull over the long period will stay more or less the same with the purchasing power of the dollar as you know from filling up your gas tank and as you know from going grocery store the purchasing power of the u.s. dollar is falling as are all the paper currencies of war i five are not partisan power what about concern over with and that's terrorist with central banks with governments over the dollar is that reflected and they rise and called in comparison to the fall of the dollar if it's very clear that the republicans and democrats in washington are not to equal to the challenges ahead of us they cannot solve the problem and so economic inspector economic events are on the briber see that this thing will unfold in a very unfortunate matter because you know you get for example th

dollar. for years the american greenback was the go-to currency in times of worry and prosperity. but thanks to less than stellar economic data and expectations the federal reserve will keep interest rates low. tonight, the dollar is at its lowest value in more than a year against the euro, british pound and canadian dollar. it's at the lowest level ever against the swiss franc. we have two reports looking at the weaker dollar. in a moment, how the drop has meant big profits for some u.s. companies. but first, darren gersh looks at what a weak dollar could mean for you. >> reporter: if you couldn't afford to pop across the pond to celebrate today's wedding with kate and wills, don't feel bad. in fact, feel patriotic. by keeping your dollars here at home, you are doing exactly what the u.s. economy needs. the dollar is down almost 8% this year against the british pound and other currencies of major trading partners. that makes it more expensive to get to london and buy souvenirs. economist mar

open and planning an alternative to the us dollar right the u.s. dollar will be rolled up into a new a new global currency and all that it'll it'll become extinct in the everything in america will be double triple quadruple in price and the world and the standard of living will be one of the lowest and then in the lowest in the lowest style of all countries in the world and i mention the dollar fraud so this brings me to this next headline chart of the day this is jeannie diamond's worst nightmare so this is joe wiesenthal business insider well known paper bug and he's saying that keeping morgan is warning about the domino effect of a u.s. treasury technique called the fault so j.p. morgan is is warning america that they'll be crisis if you don't raise the debt ceiling and the chart of course is. in two thousand and eight post lehman collapse when the money market funds were like fled and there was a basically a run on the banks and he thinks that kimi diamond's worst nightmare i posit this image of silver and this image of max geyser. jamie gun. l

we're spending sixteen billion dollars a month sixteen billion dollars a month in afghanistan and what is upon us the number of soldiers we have wounded since the afghan war started nine thousand nine hundred seventy one including iraq forty one thousand american soldiers wounded. the number of soldiers killed in afghanistan fourteen hundred thirty seven including iraq fifty eight hundred fifty nine. in our soldiers killed in afghanistan under george bush this was the entire era from two thousand and one to two thousand and eight six hundred thirty. and were soldiers killed in afghanistan under obama in the last two years eight hundred seven tell me this war is going well. and that's the that's the last source like that ok so let me get back to this so we're we're likely now to spend over one trillion dollars one trillion dollars in a country with a pre-invasion g.d.p. of two billion i just think about this for a minute the entire economy of afghanistan before we invaded them was was two billion dollars a year average income of the average afghan citizen was three hundred dollars a yea

it was really a million dollars in four years which they can show in dollars in four years trying to make sure that we have negotiations that status half of the one of the two parties in congress right now is working hard to try to make a solution had it's hard to get both parties on the same. sighs it's hard my thought to be if you look at the average american they have a dinner going isn't you know listening to these kind of discussions grant reading every single detail about who's offering what plan and who is saying yes or no to who and i mean at the end of the day it looks to me personally i think both parties are going to come out with giant black marks and bulk of their eyes because it's going to look like the men and women that we elect into office are not going to be able to get things done but how do you and i'll say with years on i mean how do you convince voters that it's not just the enough it's a matter of our politicians in general no i think it's a step back here to the greater problem in this with the cause and are going to face coming after this trip down is do we s

claimed it tax benefit of three point two billion dollars according to g.'s website the company paid what it owes under the law and g.e. is right thanks to heavy lobbying legislation passed allowing companies to keep much of their profits overseas or tax rates are lower and it's not alone google also benefits from laws passed here in washington because it keeps its money here in ireland near its dublin headquarters while the corporate tax rate in the us is thirty five percent it's just twelve percent in ireland from their profits are sent to its brim unit subsidiary a mailing address where the tax rate is zero if the practice bloomberg news reporter jesse drucker says is common the question is does it make sense for a company to create intellectual property in really us as the majority of its employees in the u.s. is it sound tax policy to have the bulk of its profits overseas attributable mailbox and bermuda it's a question many are asking especially in the midst of an economic crisis economists estimate that the u.s. is losing between sixty and ninety bill

dollar off the gold standard so that dollars could not be redeemed for gold even hypothetically and thus we entered the age of global theocracy that started the timer on the u.s. dollar is no fee currency in history has been able to avoid inflation and devaluation when there's no physical backing to a currency there's nothing to keep the central bankers from simply creating money until it all becomes worthless. i believe there is a showdown coming in two thousand and nine billionaire financier and the man who broke the bank of england george soros said a new bretton woods conference like the one that established the international finance or financial architecture after world war two is needed to establish new international rules including treatment of financial institutions considered too big to fail and the role of capital controls two weeks ago he had a conference at bretton woods to reform the global currency system he said that no one has faith in the us dollar anymore but there is nothing there to replace it this is a reflection of the dangerous myth created by central bankers who w

dollar you know in u.s. dollar special its worst reserve currency of the world and there's trillions of them parked all over the place in custody you count at the fed various central bank vaults all over the place some of it even unnatural says in south america i mean it's everywhere once the dynamic comes where people really lose faith in the dollar i think we're going to see a very rapid evolutionary sware change and mediately in the dollar's value i think the answer to this right now is that there's a lot of people here are the ones who really control the movement of things in there so they're all thinking as long as the music's playing i got opinions right so when do if you're holding several billions or maybe even a trillion u.s. dollars what do you do if you're china it's a really tricky business and somewhere between here and bear i'm convinced that the dollar has a date with a much much lower value and the concern is that it will get there in so rather disorderly disruptive way on some tuesday in feb

plug a few holes by giving a few trillion dollars away to banks toure's on wall street. by giving a few billion to gadhafi. plug a hole by giving a quarter billion a christie macking or buddy susan felt like gambling with our money in an upstart investment firm. with each hole the bernanke he plugs up the pressure is growing and growing because it's not changing the structural problems underneath it all and sooner or later ben bernanke these pingers. and their work with paper won't be able to prevent the damn from collapsing we can't keep plugging the holes we need to either do something about the pressure behind the dam or rebuild the dam back to where it was before reaganomics started drilling these holes into it. the fed can't do that stuff it can only mess with an innocent money supply to fix the structural problems to address right the dams cracking to begin with and how we can go about building a new stronger dam congress needs to step up they need to start helping people on main street and try to relieve some of the pressure on our dam help people stay in their ho

an hour many employees of the retail giant could see as much as six thousand extra dollars in their annual earnings and considering the taxpayers foot the bill to the tune of four hundred twenty thousand dollars per year per store to help support wal-mart workers who are underpaid and thus in need of government assistance a few more bucks a year on groceries is well worth the investment securing this information is not timely because the minimum wage and force employers to give their workers the necessary eight to me to make ends meet their offer his thoughts on this issue david selig conservative tax expert free market proponent david welcome. they thank you for having me on your program it's a real pleasure thank you wal-mart's one point six million employees the largest employer in the united states the largest company in the world being only one point two percent live above poverty and over ninety percent of wal-mart's workers live below the poverty level what's wrong with paying people living wage. let's really look at the issue for a moment these individuals are presently work

very clear that it worries about the current dollar based reserve system just last week the dollar fell to nearly a fifteen month low against the euro yet day after day the nation's debt continues to climb higher u.s. congress has increased the national debt ceiling a reported seventy four times since one thousand nine hundred sixty two and it will most likely happen again in the coming weeks but as america continues a growing trillions of dollars in debt question is how much global economic influence does this so-called superpower stand to lose. we'll. we're going to try to answer that question as you can see president obama trying to make the case for restoring u.s. credibility at a time when the u.s. budget deficit has shot up close to sixteen percent just so far this year compared to last year so he's making the case now for raising taxes on the rich reducing health care costs those are just a few of his proposals but we're. thing is it's a lot of wishful thinking and is it too little too late joining me now is michael snyder he's founder of the economic collapse blog you can get th

was obvious to you for years before that's right whether in scientology or whether you're long the dollar you're in an insidious cult a snow globe of denial and your world is crashing the con you well the i.m.f. is set like hell but sort of date they set an actual date for the end of this cult and that is china will surpass that of america in real terms and two thousand and sixteen well it's already happening i think twenty sixteen will be the recognition by the us government in the form of transferring ownership of fannie mae and freddie mac. the biggest landlord in america to the people's bank of china i made that prediction before on this show i think we'll see it in twenty sixteen but the transfer of power is already underway and you know this is unmistakable but nobody in america wants to talk about it because it might upset the. popular delusion and the madness of crowds driving attendance at the theme park light assembly line of self actualizing can do attitude that has given us such triumphs in popular culture as idiocracy. jackass here's another headline along these lines of. the

thanks faced three point six trillion dollar wall of maturing debt i.m.f. says so the world bank's faced a three point six trillion dollar wall of maturing debt in the next two years and they must compete with debt laden governments to secure financing the i.m.f. warrant last week but for thirty years all these governments have been extending the maturity and now like the tide moving out during a tsunami those on the beach. think that oh my goodness look at all these pretty shells i'm going to wade out into the areas there and pick up all these pretty shells not knowing that the tsunami wave is about to crush them this is the tsunami of maturity that's about to overwhelm the entire global economy and force in my opinion the introduction of a new global currency based on the special drawing rights introduced by the i.m.f. and the i.m.f. is getting aggressive about downgrading the u.s. because the u.s. is no longer going to be running the global economy anymore it's going to be a central bank somewhere in europe with the i.m.f. and the world bank and a new gl

in iraq may have cursed nerve going to trillion dollars perhaps two trillion dollars worth of the us a cartoonish except for a string of bruises all over europe absolutely not so because the most folks because of threats will be exploited by russian chinese merely and japanese companies only take so much that you show called the contract in iraq worth it china the winter the government the pride i guess pipeline from western china and we're spending a single man for good so you know where to get it going to get at least thirty percent over because the better act so who's moved to do but the difference between a first spectrum problem and spread has been the area where meant that it's a medal. by the chinese. it's not just china that's accelerating towards economic supremacy india is seeing the growth of a new middle class whose appetite for spending is growing with artist chris reeder reports from new delhi. tejal is living the dream age of twenty eight a former investment banker is now running a restaurant and bar in the heart of south delhi then usable if i were to take before comi

posts it will be a million dollars in four years what's been true in dollars in four years is trying to make sure that we have negotiate in good faith because half of the the one of the two parties in congress when i was working hard to try to make a solution it's hard to get both parties on the same side it's hard if you look at the average american the average american isn't listening to these kinds of discussions they're not reading every single detail about who's offering what plan and who's saying yes or no it's you who i mean at the end of the day it looks to me partially i think both parties are going to come out with giant black marks on both of their eyes because it's going to look like the men and women that we elect into office are not going to be able to get things done so how do you and i'll stay with yours i mean how do you convince voters that. it's not just the ineptitude of our politicians in general but i think it is their backyard the greater problem in this one the public are going to face coming after this shutdown is do we stay true to the tea party which is tha

has been on for a while forty three cents of every dollar we spend this year. we borrowed against the future of our children continuing on this trajectory of borrowing and spending however would not be an option according to financial analysts if the u.s. was downgraded so what would happen it would be another crisis it would create global shock waves in part because most models and understanding of the global investment landscape landscape take is their sort of central banker the u.s. ten year treasury bond as the risk as it is the interest the u.s. pays on its debt is staggering it was one hundred eighty seven billion in two thousand and. it increases to eight hundred forty four billion that number would grow exponentially faster with a downgrade because the us would likely have to pay higher interest rates to borrow money meaning less money to spend it home then we have to start cutting really aggressively and for many things they're too important for americans really to be able to agree to cut them right now drastic cuts in everything from energy to educati

one hundred five dollars a barrel instead of seventy five dollars previously thought so although no i just want to say that. oil prices have gained eighteen percent this year and i'll bring you more on that in our business all right really will see you in about thirteen or fourteen minutes time thanks. so you can always follow the regular on my plates on what's going on in libya you can do so on our twitter and facebook pages our twitter stream is always running it's underscored com you can check out the items right here on your screen correspondents are on the ground in libya there bringing you the first time news and eyewitness accounts we're going to find out the latest from the policy of police in tripoli you. can find him in the opposition held bengazi and of course so you can also check out all the latest videos on our very own our team you tube channel that's still. coming up the cost of coverage. the news organizations are crying because they're saying that the spending their entire budget is gone by march u.s. media outlets have laid off hundreds of all. reporters find out wh

dollar. oh absolutely it's a concern about the dollar lauren and thanks for having me by the way you got it clearly you have inflation concerns you have a decline of the u.s. dollar and there euros the buying power of the average consumer so gold is often referred to as the canary in the gold mine and it's certainly screaming right now there are a few currencies around the world are declining in value and commodities and gold and silver being a commodity and viewed as a currency currency are reaping the rewards of that paper currency so it's actually the dollar which is not backed by the pulled standard by anything else but worth whatever is given to it by the market and by different financial policies so how much of a role does the united states monetary policy play by the federal reserve is quantitative easing and what's going on with the dollar right now it's plays a signal significant concern obviously the idea of keeping interest rates low the idea of throw throwing cheap money into the

he'd said we got our desire to live a hundred seventy five thousand dollars a year these are hard to live if i had to have six kids and to go to two cities i don't maybe that's for sean duffy i don't know what his bills are so you want to go there is what i see down your thoughts on this i look i'm just i'm really tired of the left scrutinizing everybody else's money just because it's not your business that we do people whose business it is is a person that writes a check and a person who catches this incessant whining about other people's money what we're really is i want and this is just the trash writing matches without a second because if you're a male here's a threat ok then we have to wrap it up absolutely nothing is what i say is going to happen absolutely nothing except that come the next election they'll vote him in as many of them out of office that was so jordan cycle ryan clayton seat molly thank you all for being here that's what i was about rates are going after a break a daily take on why c.e.o.'s shouldn't be complaining about anything next. let's not forget that we h

has no inability to pay it back because it is shoes dollars it could print the dollar to make a payment on the debt i mean there's no way that it's not going to be able to make that payment on the debt when i think in latter day i dollar wasn't a reserve currency anymore a lot of people talking about that event different countries and gauche a trade then their own currency if the third dollar more and more people are talking about i think in which the u.s. dollar wouldn't be there with our currency in any way are to to pay ends yet is not the reserve currency in their interest rate is one point five percent and they have debt that is two and a half to three times bigger than what the united states has and the reason why they're able to have a low interest rate is because the bank of japan the central bank sets. the interest rate low and their debt is denominated in yet just as our debt is denominated in dollars so it's a non issue you know the rating agencies should understand this but i mean they cannot join it is how connected i like warning it is that even politically difficult for t

the dollar so we get it if the dollar no longer they go to currency in moments of stress what's happening there well i think it's relative in moments of sort of it's called manageable stress i think that's right i think people are looking at you know gold as a currency i think that's the right way to think about it i've never thought of gold as an investment or as a commodity i think of it as money and so people will go to money but if we have more extreme stress something actually worse in the japanese earthquake and i'm not talking about natural disasters so much as you know another say escalation of the ripping and sovereign debt crisis i still think the dollar will be the go to currency not because the dollar so strong but because it's the it's the least weak of the bunch i call it i compared to passengers on the titanic you know when the titanic was sinking everybody ran to the back of the ship that was a flight to quality of course they were all going down together at the end of the day but i think i think you'll see dollar strength on for example the european sovereign debt crisis

that's who needs to pay less taxes they want to give people like me a two hundred thousand dollar tax cut that's paid for by asking thirty three seniors each to pay six thousand dollars more in health costs that's not right and it's not going to happen as long as i'm president. as the president said the bottom ninety percent of us in the last thirty years have seen our incomes rise by a measly one percent that's it this one percent economist david cay johnston recently did some really great research and writing on supply side economics and taxes and came up with some of these startling results i want to share with you take a look at this chart that shows income growth for the bottom ninety percent of americans between one thousand nine hundred fifty and one nine hundred eighty before reaganomics and after reaganomics nine hundred eighty to two thousand and eight is going to blow your mind and it's exactly what paul ryan and the republicans as well as those millionaires and billionaires like dick armey and the koch brothers that fund the tea party are trying so desperately to hide betw

yes the the price of commodities does have a universe effect to the price of the dollar so as the dollar falls commodities naturally rise because many of them are priced in dollars and on the world stage they must therefore. even out so against this kind of see such as the euro and sterling and yen and so as the dollar falls the commodities do naturally right they do they do seem to have a multiplier effects and therefore a one or two percent five percent move in the dollar tends to be equated to the seven to ten percent move in the commodities so not basis russia should be doing significantly better on its exports of course there's the all the economic data there is a double edged sword to be the one that's the one kind of that really using creasing at the moment is the euro and much of russia's imports are priced in europe so they lose with one hand and game so in the long run russia should in the long run should benefit from from weakness in the dollar but there might be some pain on the import prices. ok simon denham c.e.o. of the capital group thank you very much. and also let's tak

twenty five thousand dollars. so you know and that's just one example these kind of deals were going on on a regular basis on wall street sort of throughout the boom years and then especially it at the end which as the market as it was clear that the market was starting to melt down or was going to melt down there was a real rush record in the senate report from from goldman and other players to offload these assets you know define investors who would buy more mortgage based assets i think the technical term on wall street is called suckers like i really want to get a rabbit out there at the end of the show now no i have my days they've got to wrap it up for the record end of michelle thank you very much for joining us hopefully we'll get into his more later hopefully we'll see some prosecutions thank you. now before we go it's time for our tweet of the day jonathan tasing the blogger who's suing huffington post for not paying bloggers has a blog it was eleanor's asking readers to contribute work for free so we're

and rising by four wheel and dollars that a massive iou generation forty three cents of every dollar we spend this year. we borrowed against the future of our true. compromise boarded a us government shutdown with agreement on the largest single spending cut in u.s. history but thirty eight billion dollars is small change begins to slice of the debt and last month in the war with largest bond trader said it was also a few us treasuries smiling trillion dollar deficits as far as the nose. some counter those largest economy has to go for growth and even that isn't even possible can it handle that but criticism of the learn strategy and spiraling prices for anything priced in the greenback on the line every confidence in the u.s. dollar and the global economy that. that if you let the cross the artsy. ok . and i do go to you first i'd like to read something to you the united states of america if we didn't have the dollar is the defacto reserve currency of the world we'd be greece i mean we are broke bankrupt really bankrupt and now was former treasury secretary james baker and we reflec

contin scheme twenty two dollars.

big speech today outlining his deficit reduction plan the president pledged to cut four trillion dollars out of the deficit over the next twelve years reducing domestic and defense spending getting more bang for the buck in medicare and in the bush tax cuts for the very very wealthy millionaires and billionaires and closing corporate tax loopholes but far more important than any of the financial details of that speech. that will be endlessly dissected by the way is the larger frame moment this is really a thing of great consequence in my opinion for the first time in thirty years an american president has repudiated rejected really the world view of reaganomics here's how he set it up. this debate over budgets and deficits is about more than just numbers on paper it's about more than just cutting and spending but it's about the kind of future that we want to benny's regularly called our reagan not by name unfortunately but directly called out the republican strategy of trying to bankrupt our nation in order to have an excuse to destroy our social safety net. but as far back as the one ni

america it is really hard to be a congressman and only make one hundred seventy five thousand dollars every year please send your top hats and send your french cup shirts and send your monocles the needs of representative sean duffy really need your help today because he's not working a job that pays the american median income about thirty five to fifty thousand dollars you know what your heart is not what you say let's say this is what you have way to go on those we left out one important thing which is that he said he supported to cut and congressional salaries and he has six kids he has to live in two cities most people don't have to go you are asking for the right is the really hard i didn't say some really hard not so bad but why not have the whole quote which said and i'm fine with slashing my pay and it's really why would you leave that up do you know i mean i don't know i don't think it was time i slash is that if it was six thousand dollars a year. he said we need. to live a hundred seventy five dollars a year these are hard to live if i had to have six kids and to go to two

dollar profit this year and got a two billion dollar refund you know they've also spent something like thirty five million dollars in campaign contributions in lobbying and i think largely on those i think of america you know they did a good piece there but you know everybody in washington is talking about shared sacrifice and people paying their fair share and they're clearly not paying a fair share and it's being paid for on the backs of. middle class well effect they had over one hundred fourteen i think it was offshore tax havens in order to get it not right i mean those taxes us uncut is going after them on this so. daniel word agreement that we have a broken system we conservative liberal green we have a broken system if you are going to blame but you blame the corporations and i know that i actually i'm i'm agreeing with you if corporations mandate and their legal mandate i mean you know the michigan supreme court case back in one thousand nine hundred forty established that their mandate has to be to generate greater profits if that's it and we have made it and the supreme cour

program i have two dollars so you have to say that. eric sprott what the so called silver experts neglect to account for in their models and projections is that the fi out money experiment has failed and in this context we believe the market has assigned world's reserve currency status to gold not the u.s. dollar while there is a sneaky thing going on in the global economy states herbert gold and silver are becoming but the facto world reserve currency if you've got gold vending machines in airports around the world people watching this show in airports around the world are probably walking by a gold vending machine right now go get yourself some gold the proliferation of gold exchange traded funds on exchanges all over the world the internet this is the first time since the internet came around it became globalized back in the late ninety's early two thousand now you've had an attempt to create a hard money global currency standard and it's facilitating this in a number of ways and spreading information it's spreading the ease with wh

anything when we would even shaadi because you're still in the dollar and the dollar may just suffer through the devaluation so no i don't really see that the market isn't getting interest in that one either but that's going to come now. you want to drive in there device where you want to get the bill gross. i mean rose joe for. violence is what is drastically misunderstood everyone saying oh he's selling bonds because he thinks the government is going bankrupt or what not that's or know what's going on because he anticipates the end of q e two essentially. the fed goes back to normal zero interest rates and sort of negative interest rates this is actually a rate hike and historically that would be a good reason to sell bonds to various. look at what his partner muhammad illyrian is saying elsewhere is like of the ten year yield got a bit higher we cry actually buy bonds again so this is another thing people look at his move and start to freak out and say oh this means that he thinks the government is going bankrupt is actually really nice and easy to use an emergency not only do but

we leverage, we don't land the dollars, but we leverage them with the after-school dollars. the youth leadership empowerment and development services area, they are in use employment, use empowerment funds. we're also the primary funder for everything except for the u.s. work force that would partner with. as you are aware, they have received reductions on the dollars as well as others. we work very closely with the department of public health to make sure that we continue to have the health and wellness opportunities for other children. >> this service area we partner with the department of public health. we augment the service area to state grants. we are looking at a potential $300,000 reduction from the states. and then family support -- supervisor chu: is there another department that funds this? >> essentially, we are the monitor for all of the contract. for family support, we work with first five san francisco. we went through a request for proposal to implement these programs. the citywide systems include a healthy kids insurance where we support a portion of the hea

san jose earthquake also jumped on board offering a 75 dollar package for 50 dollars that include a premiumeet and greet with coach doyle and other feature. >> every time they talk about it share it or like it additional mention of that game of our team and that is positive for us. >>reporter: team of 20 at face back started to work on deals 5 months ago. this is behind the scene look at the so-called l war room. >> so it's all about discovering deals through friends. organizing yourself to go with friends on facebook using existing infrastructure and then going through the event product and then after you have gone to the event sharing the experience back on line. >>reporter: what facebook is doing is turning the users into word of mouth sales promoters. >> if you see the deal and you like it or you buy it then it goes on to your wall and your friend see it. then they share witness your friends. so it grows virally that's what it is all about. >>reporter: san francisco one of 5 test market for deals. additional cities added in the future. in palo alto, david lou abc 7 news. >> the affleck

global reserves about nine trillion dollars you don't need three trillion dollars you have some voice and what kind of reserve currency system you want to have and china has been very clear that it worries about the current dollar based reserve system just last week the dollar fell to nearly a fifteen month low against the euro yet day after day the nation's debt continues to climb higher u.s. congress has increased the national debt ceiling a reported seventy four times since one thousand six hundred two and it will most likely happen again in the coming weeks but as america continues accruing trillions of dollars in debt question is how much global economic influence is this so-called superpower and salute for in a fortnight or r.t. new york. good question to end on as for president obama he's making a case at a time when the u.s. budget deficit has shot up close to sixteen percent just so far this year compared to last year now he made the case today for raising taxes on the rich or do you think health care costs but is this just a lot of wishful thinking and a little too late for