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Nothing in Sight to Replace the US DOLLAR as an International Reserve Currency

By Lance Ciepiela  Posted by Lance Ciepiela (about the submitter)     Permalink
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Hugo Chavez, Venezuelan President, "The U.S. dollar is a worthless piece of paper."

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Mahmoud Ahmadinejad, Iranian President, [The U.S. dollar is] "losing its status as the world currency."

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Xu Jian, vice director, People's Bank of China, "It is the policy of the United States and it will remain the policy of the United States to remain committed to a strong dollar."

Timothy Geithner, U.S. Treasury Secretary, (July 15, 2009), [The dollar will remain the world's dominant currency for] "many years to come."

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Presently, there is a vacuum in international affairs coming from the decline in the moral and economic stature of the United States. It is a vacuum because no other country or organization has the credibility, legitimacy and capability to fill the gap. This is particularly true in monetary and financial affairs. By default, the U.S. dollar is de facto the main supranational key currency used to finance international trade and investment.

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