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Fading of the Dollar's Dominance
Other Nations See Opening to Boost Their Currencies
The days of calling the dollar almighty may be numbered.
Since World War II, when the dollar eclipsed the British pound as the king of world currencies, the United States has reaped the rewards of its monetary strength. The greenback's sense of indestructibility allowed the U.S. government to borrow cheaply and gave rise to an era of rich American globetrotters toting the world's most easily convertible form of cash.
But the financial crisis that started in the United States is dramatically intensifying the debate over the future of the dollar, and whether it can, or should, remain at the top of the financial food chain. Although a meaningful shift away from the dollar is likely to take years or more, some analysts believe that the debate is now reaching a tipping point.
"The U.S. had to screw something up to lose the dominance of the dollar, and you could argue that the U.S. starting a global financial crisis is a pretty big screw-up," said C. Fred Bergsten, director of the Peterson Institute of International Economics and a top economic official during the Carter administration. "But the Europeans haven't been able to take advantage of that to advance the euro immediately, largely because they've made some pretty big screw-ups themselves."
Originally posted by habu71
I pulled out last winter, as soon as I saw who was going to be elected...The carnage has only begun, we will see much more weakening, if not destruction, of the dollar, accompanied by inflation bordering on hyperinflation.
and what is being discussed? Giving more power to the FED, a cartel accountable to NO ONE!!!!!