What do you think of this article that claims the US dollar will soon cease to be the world's reserve currency?
This week marks the end of the dollar’s reign as the world’s reserve currency. It marks the start of a terrible period of economic and political decline in the United States. And it signals the last gasp of the American imperium. That’s over. It is not coming back. And what is to come will be very, very painful.
Barack Obama, and the criminal class on Wall Street, aided by a corporate media that continues to peddle fatuous gossip and trash talk as news while we endure the greatest economic crisis in our history, may have fooled us, but the rest of the world knows we are bankrupt. And these nations are damned if they are going to continue to prop up an inflated dollar and sustain the massive federal budget deficits, swollen to over $2 trillion, which fund America’s imperial expansion in Eurasia and our system of casino capitalism. They have us by the throat. They are about to squeeze.
There are meetings being held Monday and Tuesday in Yekaterinburg, Russia, (formerly Sverdlovsk) among Chinese President Hu Jintao, Russian President Dmitry Medvedev and other top officials of the six-nation Shanghai Cooperation Organization. The United States, which asked to attend, was denied admittance. Watch what happens there carefully. The gathering is, in the words of economist Michael Hudson, “the most important meeting of the 21st century so far.”
It is the first formal step by our major trading partners to replace the dollar as the world’s reserve currency. If they succeed, the dollar will dramatically plummet in value, the cost of imports, including oil, will skyrocket, interest rates will climb and jobs will hemorrhage at a rate that will make the last few months look like boom times. State and federal services will be reduced or shut down for lack of funds.
- 1 decade agoFavourite answer
You mean that you haven't been buying up precious metals for the last few years? I thought that everyone knew this was on the way.
- 4 years ago
If it happens the effect will really be based on what currency if any replaces it; I say if any because it would be possible that a new standard currency could be designed but that would be difficult so the other thing would be to make it gold based and that could cause some major inflation depending on the futures trading there. Right now I think this is mostly talk to curb the US spending/deficit which China and others have already expressed concern about. One of those waut and see what happens then what the effect will be.
- RubyLv 61 decade ago
I didn't read your article but can agree that the end of the dollar's reign as reserve currency is quickly coming to a close.
There has been ample evidence of that from mainstream sources over the past short while with local and international reports. They just don't broadcast it on the television news, or the front pages of the newspaper.
From the perspective of the global elite, it makes absolutely no sense to warn the common people in time for them to protect their assets. Rather, it is best the common people become poorer because that makes it easier to control them.Source(s): I read the business and investment news.
- Pretty_gloriesLv 51 decade ago
This reminds me of the story a few weeks ago when Tim Geithner went to China and tried telling economics students at Peking University that the Chinese government's money was safe with the dollar, and they laughed at him. This also makes me think of the $134.5 billion worth of bonds (real or counterfeit, we don't know yet) that somehow managed to get to Italy in an attempt to smuggle them into Switzerland. I wonder who's trying to dump those bonds, or cash in on them?
This is pathetic; all these Harvard and Yale educated cronies in Washington are oblivious to what's going on when the whole world knows it, and has known it. Seems they're not as smart as they think they are.
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- My Baby!Lv 71 decade ago
When you do not manage your money, this happens. It is very scary.
I do not believe our President and his apologies did any good. If all those people can see through him Why can't All the American people. He has quadrupled our debt in 6 months, increased the size of government. is spending more than all of the last presidents combined and other countries see this. Other leaders have commented on it. It is not told by the mainstream media but it is out there. So why are we allowing this to happen??
- Vote RepublicratLv 61 decade ago
"The relative soundness of our currency that we enjoy as we move into the twenty-first century will not persist. The instability in world currency markets, because of the dollar's acceptance for so many years as a reserve currency, will cause devastating adjustments that Congress will eventually be forced to deal with." - Ron Paul, 2000
- Anonymous1 decade ago
Iran made the statement america cannot help us they are in bad finacial trouble. they know more than the democrats on here that keep saying everything is fine. Barry:s doing a good job. our country is turning around. poor poor deniers. Wow someone need to quit drinking barrys brew/
- Anonymous1 decade ago
I think it is a good move. The IMF shouldn't have put all their money into one basket. Any financial planner will tell you it isn't wise to do so.
US money is highly leveraged making it a volatile investment. The IMF would do better by hedging its risk through holding reserve currencies from other countries/unions. The British pound, the Euro and the Chinese yuen would be good sources.
- 1 decade ago
Why would the US be invited to the party? The whole world knows what a ridiculous sham Obama & Geithner are. The only ones who don't is Obama & Geithner and their *** kisser yes men.
- ToadheadLv 51 decade ago
Of coarse Obama would blame this development on Bush and probably declare a state of emergency, spouting more bull about our impending doom and nationalize the entire financial system to protect us from the evil bankers. Declaring I do not want to running the entire financial system, but I have to in order to protect you the ignorant masses.
But who is going to protect us from the Socialists.
Change you can believe in LOL