
"CHEATER IN THE EURO- FAMILY"/Focus
EDITOR’S CHOICE: Frenchman Dominique Strauss-Kahn, the head of the International Monetary Fund, suggests the organization provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar. China and Russia have called for dumping the dollar – but not for the yuan, ruble or yen -- and have proposed using the IMF’s internal accounting unit special drawing rights, or SDRs. Several decades ago the IMF tried to use a “basket” of currencies to replace the dollar but that didn’t work. Then of course there is the euro, which reports say hedge funds are betting will collapse. It is plagued by the the economies of Portugal, Italy, Ireland, Greece and Spain (PIIGS), all of which have incurred even more debt than Obama. Now Germany is refusing to bail Greece out and Athens isn’t amused. Experts say there is no alternative to the dollar, and at a minimum, the euro could lose as much as a third of its value in the very near future. And – is the U.S. headed inexorably down the Greek road? One Senator thinks so.