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OUT OF MIND » THE INSANITY OF REALITY » FINANCIAL COLLAPSE » The dollar’s 70-year dominance is coming to an end

The dollar’s 70-year dominance is coming to an end

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PurpleSkyz

PurpleSkyz
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The dollar’s 70-year dominance is coming to an end
Posted on July 24, 2014 by RonMamita — 7 Comments
Within a decade, greenback’s could be replaced as the world’s reserve currency
The dollar’s 70-year dominance is coming to an end Dollar_2977362b
By Liam Halligan 19 Jul 2014 http://www.telegraph.co.uk/finance/comment/liamhalligan/10978178/The-dollars-70-year-dominance-is-coming-to-an-end.html
[...]
The dollar’s hegemony continues to be cemented, by the operations of the International Monetary Fund and World Bank. Founded at Bretton Woods, they’re both Washington based, of course, and controlled by America, despite some Francophone window-dressing.
The advantages this system bestows on the US are enormous. “Reserve currency status” generates huge demand for dollars from governments and companies around the world, as they’re needed for reserves and trade. This has allowed successive American administrations to spend far more, year-in year-out, than is raised in tax and export revenue.
[...]
So America doesn’t worry about balance of payments crises, as it can pay for imports in dollars the Federal Reserve can just print. And Washington keeps spending willy-nilly, as the world buys ever more Treasuries on the strength of regulatory imperative and the vast liquidity and size of the market for US sovereign debt.
It is this “exorbitant privilege” – as French statesman Valéry Giscard d’Estaing once sourly observed – that has been the bedrock of America’s post-war hegemony. It is the status of the dollar, above all, that’s allowed Washington to get its way, putting the financial squeeze on recalcitrant countries via the IMF while funding foreign wars. To understand politics and power it pays to follow the money. And for the past 70 years, the dollar has ruled the roost.
[...]
I also believe central banks may include cyber-currencies (such as bitcoin) in their reserves. If you think that’s mad, consider that mankind has long sought scarcity – be it with shells, stones or metallic elements – to store wealth. Now the money-printing taboo has been broken by yet another generation, it makes sense to use complex computer algorithms to ensure that only a certain amount of a particular currency unit can ever exist.
The dollar’s status is a big question.
[...]
the establishment of this BRIC Development bank, timed to coincide with the anniversary of Bretton Woods, is an audacious and significant move. The world’s emerging giants now have thumbscrews on the West.
Read full report: http://www.telegraph.co.uk/finance/comment/liamhalligan/10978178/The-dollars-70-year-dominance-is-coming-to-an-end.html
RELATED:
I had not thought about the 70th Anniversary of Bretton Woods; interesting relationship with Christine Lagarde’s Magic 7 Speech.
http://ronmamita.wordpress.com/2014/01/28/what-was-significant-about-magic-7-in-christine-lagardes-global-speech/
http://ronmamita.wordpress.com/2014/07/08/suspicious-observers-eyeing-the-markets-for-major-events/
http://ronmamita.wordpress.com/2014/07/06/armstrong-economics-predicts-series-of-crisis-leading-to-collapse/
http://ronmamita.wordpress.com/2014/05/06/must-watch-coming-global-economic-reset-film/
http://ronmamita.wordpress.com/2014/03/16/economic-reset-a-glimpse-of-part-of-the-plan/
http://ronmamita.wordpress.com/2014/03/07/beware-economic-currency-reset-requires-emergency/
http://ronmamita.wordpress.com/2014/03/04/the-deadly-poker-game-of-global-finance/



Thanks to: http://ronmamita.wordpress.com



  

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