John Plender

Well, it's striking that central bank reserve managers around the world have been reducing their investment in the U.S.

Treasury market and turning to investments like gold, commodities, and some of the smaller countries' debt markets.

The fact is that there can be a tipping point and you will see it.

The signs of the U.S.

losing its economic primacy will be a collapsing dollar and a huge increase in yields in the U.S.

Treasury market and thus a big decline in prices, an implosion in effect in the U.S.

Treasury market.

What that means is, first of all, there will be more inflation.

inflation in America.

Borrowing costs for ordinary households as well as the government will rise.

And we will probably be looking at a stagflationary situation, one where you have both high inflation and stagnation in the economy.

Very low growth indeed, if any.

To be a good teammate, you have to not only take criticism, but you have to be a little softer when you give it.