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Dollar seen losing global reserve status: FT

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posted on Jun, 27 2011 @ 05:32 PM
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The US dollar will lose its status as the global reserve currency over the next 25 years, according to a survey of central bank reserve managers who collectively control more than $8,000bn.

More than half the managers, who were polled by UBS, predicted that the dollar would be replaced by a portfolio of currencies within the next 25 years.

That marks a departure from previous years, when the central bank reserve managers have said the dollar would retain its status as the sole reserve currency.


Link to article on Financial Times here

Out of respect for FT and their copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts, I quote just part of the article above. The article goes on to say that the same reserve currency managers predict that gold will be the best performer in years to come due to sovereign debt crises "citing sovereign defaults as the chief risk to the global economy."

Twenty five years is a long time, but as the article states, this is a change of direction from previously held views on the status of the USD as the world's reserve currency, and it doesn't take into account other possible unforeseen factors that could hasten the USD reserve currency status' demise, such as further global economic and financial turmoil, further devaluing of the USD among other countries with vested interests, other countries collaborating to trade with their own currencies, China's diversification away from the dollar and acknowledged dissatisfaction with the USD - among others. Some of these points are raised in the article as well, but not as reasons why the reserve managers have expressed a change in view re the USD reserve status.

Drudge Report has a link to the article should you wish to read it in its entirety.


edit on 27-6-2011 by surrealist because: (no reason given)




posted on Jun, 27 2011 @ 05:39 PM
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this dollar collapse issue is dragging on for too long. it should have ended in 2008, things would have sttled down by now. The longer it takes the harder the world will get hit. But I have no doubt that before the end of 2012 the dollar would have collapsed, and saying before the end of 2012 is kind of a long stretch, no doubt that by this time next year the world will be a different place. just look at june 2010, who thought so much would change?



posted on Jun, 27 2011 @ 05:41 PM
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this issue has been happening for a while, it was forseen



posted on Jun, 27 2011 @ 05:42 PM
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25years. haha, try 12 month from now.



posted on Jun, 27 2011 @ 05:53 PM
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Originally posted by Whirpool
this issue has been happening for a while, it was forseen


I agree with you that it was foreseen, but what is not foreseen is how quickly things can change, including the status of the USD. Few did foresee the 2008 financial crisis, but the vast majority didn't, and those who were predicting a forthcoming crisis were ridiculed. Look at this video from 2006 where Peter Schiff is being challenged by Laffer and host.


edit on 27-6-2011 by surrealist because: (no reason given)



posted on Jun, 27 2011 @ 06:49 PM
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reply to post by surrealist
 


Peter called it! lol, I wonder if that tool that bet him a penny ever watched his own stupidity.



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