Joe Biden: We misread how bad the economy was

Big admission from Vice President Joe Biden today from Iraq.

"The truth is, we and everyone else misread the economy," Biden said

Biden acknowledged administration officials were too optimistic earlier this year when they predicted the unemployment rate would peak at 8 percent as part of their effort to sell the stimulus package. The national unemployment rate has soared to 9.5 percent in June -- the worst in 26 years.

"The truth is, there was a misreading of just how bad an economy we inherited,"

"Now, that doesn't -- I'm not -- it's now our responsibility. So the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we're in? And we believe it is the right package given the circumstances we're in," he added.

We need gold but we are stuck with the dollar as a reserve currency

Another reserve currency is not realistic at the moment, though the idea is good, says Tim Wall, editor-in-chief of The Moscow News.
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reserve currency Tim Wall editor-in-chief резервная валюта Тим Уолл главный редактор