US Dollar Domination – Just Another Footnote In History
December 27th, 2011
The assumption among the majority of Americans is that the US dollar as the world’s reserve currency will maintain America’s political, financial and economic hegemony around the world for decades to come. But, if there’s one lesson to be taken from economic history, it’s that no currency survives the test of time.
As the economic crisis continued to deepen and affect nearly every nation on earth, many world leaders – from Europe to China – began discussing the replacement of the US dollar as the world’s monetary unit of trade. Dismissed by some as all talk, it should now be clear that the Russians, Arab nations, Japanese and especially China are actively moving towards reducing the dollar’s influence on global economic affairs, and in the case of China and Japan, replacing it altogether: . . . continue report