Are We Totally Screwed? Is anyone out there who can explain to me how being in hock up to our eyeballs to the Japanese and Chinese can be good news for the economy? If you can, why don't you explain it to the central banks? Central banks are shifting reserves away from the US and towards the eurozone in a move that looks set to deepen the Bush administration's difficulties in financing its ballooning current account deficit. In actions likely to undermine the dollar's value on currency markets, 70 per cent of central bank reserve managers said they had increased their exposure to the euro over the past two years. The majority thought eurozone money and debt markets were as attractive a destination for investment as the US. Read The Financial Times Article Here: Fiscal discipline: Never a Republican strong suit.