Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
Exclusive to OpEdNews:
OpEdNews Op Eds

No World Order

By   Follow Me on Twitter     Message A. Scott Piraino       (Page 1 of 6 pages)     Permalink    (# of views)   4 comments

Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) ; ; ; ; ; ; ; , Add Tags  (less...)
Add to My Group(s)

Must Read 2   Valuable 2   Well Said 1  
View Ratings | Rate It

Author 37726
- Advertisement -

Today the US dollar is the world's reserve currency. That means many necessary commodities, including oil, are priced exclusively in dollars. Since every nation that conducts trade must accumulate dollars, our currency maintains its value.

The world has to buy our money.

- Advertisement -

That's how we finance our massive trade and budget deficits. This has allowed us to live well beyond our means for a generation, wage our wars, and avoid the consequences of our dysfunctional economy. If the US dollar were not the de facto global currency, our present economic debacle would be much worse.

- Advertisement -

Wall Street's implosion has created the worst economic disaster since the Great Depression. Yet the Obama administration has not been forced to drastically raise taxes and cut spending. The US Treasury Department and Federal Reserve have simply printed trillions to cover the losses.

The rest of the world has watched in disgust as our financial firms were bailed out with what amounts to the world's money.

The recent G-20 summit was part public facade, where such niceties as global warming were discussed. Behind closed doors, the real issue was the stability of the dollar. The world's reserve currency has lost 15 percent of its value this year, and there is a very real prospect of a dollar devaluation.

- Advertisement -

Russia's Central Bank has abandoned the dollar as a reserve currency in favor of the euro. China's Ministry of Finance held their first auction of treasury bonds on September 28th. These bonds denominated in yuan will allow China's currency to trade internationally.

Robert Zoellick, the President of the World Bank, issued a warning after China's latest move: "The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency. Looking forward, there will increasingly be other options to the dollar."

Next Page  1  |  2  |  3  |  4  |  5  |  6


- Advertisement -

Must Read 2   Valuable 2   Well Said 1  
View Ratings | Rate It

I am a writer living in bucolic Spokane, Washington. It wasn't always this way, back in the day I was a restless wanderer. I left home and traveled to straight to Europe, came back and hitchhiked across America. I joined a carnival, then the (more...)

A. Scott Piraino Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Third Depression

No World Order

The Crime of the Age

An Interview With Scott Fenstermaker, Part VII

Scott Fenstermaker, the 9/11 Lawyer, Speaks Out

An Interview with Scott Fenstermaker, Part VI