Myret Zaki is senior financial journalist at Le Temps since 2001. Born in Cairo in 1973, she grew up in Switzerland. A bachelor in political science at the American University in Cairo, she obtained a Master of Business Administration (MBA) from the Business School of Lausanne in 1998.
Ms. Zaki gave an interview to Swissinfo.ch, elaborating her views on the collapse of US Dollar and the fall of American economy. Following are some excerpts from that interview.
The collapse of the American dollarâ€¦ is inevitable. The worldâ€™s biggest economy is nothing but an illusion. To produce $14,000 billion of nation income, the United States has created over $50,000 billion of debt that costs it $4,000 billion in interest payments each year.
Forty-five million Americans have already lost their homes, 20 per cent of the population is out of the economic system and is not spending, while a third of states are bankrupt. No-one is investing their money in the country any more. Everything is built on debt.
On the rise of Euro and Yuan, she says,
Europe is the planetâ€™s biggest economic power and it has a strong reference currency. Unlike the United States, it is also expanding. In Asia, the Chinese yuan will become the reference and China is Europeâ€™s biggest ally.
It has an interest in supporting a strong euro so it can diversify its investments. China also needs an ally within the World Trade Organization and the G20 so it can avoid a re-evaluation of its currency. Today, Europe and China are two gravitational forces that are attracting two former US allies, Britain and Japan.