Is The US dollar officially dead?
Or do you foresee it making a comeback?
The U.S. Dollar is in one hell of a lot of trouble. All of the transgressions since the late 40's and onward are finally coming to the forefront for the dollar. Any other currency would have long since folded so I guess that speaks greatly to the strength of the dollar. There is no longer any silver or gold backing it. Its ability to survive is a function of faith for all good sense as could have been applied to it has long since been overwhelmed by idiocy. America in so many ways is the focal point of the world...the hope of the world and yet, the most hated people in the world by some who would love to see us all destroyed. If the dollar indeed should fail, the world will suffer along with America and no one wants to see that but our alternatives are becoming more and more limited by the day. We so much need a solution to our problems in the USA. WB
A few months ago, leaders of the Arab oil producers, China, and Russia met to discuss using a different currency to trade oil. The US was not invited to the meeting nor even told about it.
China has been dumping Dollars for nearly a year.
The Dollar price for gold is an inverse indicator of its value.
Until recently, the Dollar has been the undisputed world's 'reserve' currency, the standard for international trade. Because oil and many other commodities are priced in dollars, foreign banks must hold reserves of Dollars to effect such exchanges. Because we have been printing Dollars at the rate of trillions per year for the last few years, foreign banks and nations have lost faith in its continued value. As Wayne Brown indicates, the Dollar value is a matter of faith, faith in a responsible backer of the notes. Our recent folly and disrespect for the Dollar and its foreign holders has shaken that faith.
If oil was not priced in Dollars, we would now be paying about $6-$8 a gallon, and comparable higher prices for cotton, sugar, and most items sold in Wal-Mart (made in China). If China, Russia, and OPEC decide to use a different currency for oil exchanges, it will be the end of the Dollar as the world’s reserve currency and devastating to our economy.
Foreign countries are watching our political process as we are about to increase our debt ceiling. If we do not also present a realistic plan to bring our budget into balance, there will be substantial pressure for the world to move to a more stable currency for its reserves. The next few months will be all telling. The US is still the world’s greatest economy, but if we don’t respect our own promissory notes (what the Dollar actually is), we can’t expect other nations to do so.
i see it dropping more in the future. americans don't want to take responsibility for the mess their country is in , they want to blame the banks and government. because of this, the dollar will continue to suffer unless americans finally realise that they let it drop and they can bring it back around.
by Rhonda D Johnson 5 years ago
What did the US use for collateral when we borrowed money from other countries?We know that the US government has borrowed billions of dollars from China, Japan and other countries. But what did we use for collateral? I've been told that the United States is actually a...
by Castlepaloma 5 years ago
Nixon implied; take our paper dollars or don’t, since 1971. The U.S. citizens have been able to utilize Federal Reserve Notes, not backed with any gold or silver as it's abandon metals. No wonder why the Greedy Bastards create war and steals oil from the Middle East.So what else does a dollar or...
by ga anderson 9 years ago
I stole this from another thread, so the topic could be discussed without further hijacking the thread it was on. I hope that was OK.John, I am not putting forth criticisms for you to defend. I do not know enough about MMT to hold an intelligent conversation about it. I was merely pointing to...
by Evan G Rogers 12 years ago
Hey everyone,The dollar lost about 1~2% of it's value today.http://www.kitco.com/kitco-gold-index.htmlGold shot up $17/ounce due to the weakening of the dollar, but lost a total of $1.80 from predominant selling (a net total of +$15)And silver shot up by about 10% of it's "value" (really...
by tony0724 14 years ago
They want to propose this at the United Nations per the Drudge Report
by Tessa Schlesinger 7 years ago
With the advent of Trump (who is not liked internationally) and the renewal of the Reserve Currency coming up in 2020, will the world choose another reserve currency? The USA has held the reserve currency (the currency against which all other currencies are measured) for more than half a century....
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