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The dollar's decline: from symbol of hegemony to shunned currency

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babsbunny Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 05:12 PM
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The dollar's decline: from symbol of hegemony to shunned currency
http://news.independent.co.uk/world/americas/article316...

By Andy McSmith
Published: 17 November 2007
The decline of the dollar, symbol of US global hegemony for the best part of a century, may have become so entrenched that some experts now fear it is irreversible.

After months of huge and sustained turmoil on the money markets, lack of confidence in the world's totemic currency has become so widespread that an increasing number of international traders are transferring their wealth to stronger currencies such as the euro, which recently hit its highest level against the dollar.

"An American businessman over here who is given the choice would take anything but the dollar," David Buik of Cantor Index said yesterday. "I would want to be paid in yen, and if not yen then the euro or sterling."

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Mojorabbit Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 05:55 PM
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1. Long term
what are the ramifications I wonder. Will we have to sell off our national resources?
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