Dollar drops on reserve currency doubts

The dollar fell against the euro and yen on Wednesday after major emerging economies cast doubt on its long-term future as the world's main reserve currency, dealers said.

IMHO, we are seeing the start of the tumble and crumble of the world's main reserve currency.

Leaders of the so-called BRIC nations -- Brazil, Russia, India and China -- had on Monday called for a "more diversified" currency system.

Obama was expected later in the day to propose wide reforms that would result in the Federal Reserve gaining broad powers and a national bank supervisor being created to avoid a repetition of the financial turmoil.

It will be the first major bid to overhaul the highly complex US financial regulatory network since a US home loan meltdown shook the core of the system and sent global markets into a tailspin.

"We're going to make sure that we've got a systemic regulator, somebody who can oversee the entire system and, when you start seeing the kinds of risks that we saw being taken in this last crisis, that we can catch it before the crisis occurs," Obama told financial news channel Bloomberg Television.

Officials told a media briefing that Obama would propose a Financial Services Oversight Council led by the Treasury Department to oversee supervision of the financial system.

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Buy your survival equipment now and sell or exchange any USD to something else...