PART 1: Why the emperor has no clothes
With its unique privilege of being able to print the world's reserve currency at will and at a cost of nothing but the paper and ink it is printed on, the US would seem to be in a can't-lose position economically. But even the mighty dollar is not invulnerable to the massive debt caused by over-consumption, under-production and the Pentagon's global adventures.  (Jan 5, '05)

PART 2: The center of the doughnut
There is no doubt that a collapse of the US dollar would have far-reaching effects, even as some are abandoning Uncle Sam's formerly safe haven for euros, yen and even yuan. But while the US-dominated economy gets hollowed out like a doughnut, Uncle Sam marches forward with his global vision.  (Jan 6, '05)