Willem Buiter Not Sanguine about Dollar

The studied and experienced economist Willem Buiter (Bank of England, EBRD, LSE, and others) says dollar going to tank. 

Worth reading the entry in full, but the telling lines are in my view:

"The past eight years of imperial overstretch, hubris and domestic and international abuse of power on the part of the Bush administration has left the US materially weakened financially, economically, politically and morally. 

Even the most hard-nosed, Guantanamo-bay-indifferent potential foreign investor in the US must recognise that its financial system has collapsed. 

Key wholesale markets are frozen; the internationally active part of its financial system has either been nationalised or underwritten and guaranteed by the Federal government in other ways. Most market-mediated financial intermediation has ground to a halt, and the Fed is desperately trying to replace private markets and financial institutions to intermediate between households and non-financial operations. 

The problem is not confined to commercial banks, investment banks and universal banks.  It extends to insurance companies (AIG), Quangos (a British term meaning Quasi-Autonomous Government Organisations) like Fannie Mae and Freddie Mac, amorphous entities like GEC and GMac and many others."

He is right.  Problem is what happens once the dollar does collapse?   Hyperinflation likely.