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.
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by aware 3 years ago
Why is it that fight for things, die for things, pay for things? And get nothing in return? Iraq should be ours shouldnt it? The 51st state. Anyone?
by Castlepaloma 7 months ago
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by tony0724 9 years ago
They want to propose this at the United Nations per the Drudge Report
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