OpEdNews - Diary: The Demise of the US Dollar as the World Currency

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March 2, 2009 at 23:49:57 Permalink
The Demise of the US Dollar as the World Currency

Diary Entry by John Little (about the author)

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This is a piece to review the role the dollar plays in world economy and its eventual demise.

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Over the past 18 months or more, we have been witnessing the largest economic meltdown that anyone can remember (I'd be really surprised if the octagenarians and the nonagenarians remember anything at all). Iceland has already declared itself in bankruptcy. Eastern Europe is just one or two major events away from doing the same thing. The world's economy is contracting daily and unemployment and discontent are skyrocketing.

Most of this anger and frustration stems from the fact that this current roller coaster ride began in the good ol' USA. The cancer did spread worldwide, but the origin inevitably falls back on the US. There are several countries that are openly discussing the dumping of the dollar as the world currency and either go with a basket of currencies or with the currency of another country.

I even gave a talk on it:

click here here:

click here

Over this same time period, nearly every famous economist has bantered that the end of the dollar is nigh. Every other week someone will come out, display toilet paper, equate it with the US dollar's real value, and then declare that the dollar is no more. Yet it has actually risen in value over the past 6 months.

We are nearing a very decisive moment in our history as a civilization. The next 18 months are going to be extremely critical. From the news I've seen, it appears that the dollar stays on top for at least the next few years and by then, the renminbi will be strong enough to supercede it.

54 year old Californian male, born on the third planet revolving Sirius, no seriously - I've lived in three different countries, USA, Switzerland, Mexico - speak three languages fluently, English, French, Spanish - part-time journalist for (more...)

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