The Dollar in Crisis

Posted: October 13, 2009 by April Watkins in Economy, Federal Reserve, Financial Markets, Our Government
Tags: , , ,

dollar

The dollar has suffered several major hits in the past week, including being replaced as the official trading currency for the oil industry. 

Read the latest piece on the death of the dollar from today’s New York Post here.

The article, “Dollar Loses Reserve Status to Euro and Yen,” by Paul Tharp includes the following frightening harbingers:dollar Euro yen

*Over the past three months banks have switched 63% of their new cash into Euros and Yen instead of American dollars.

*Central banks have decreased their shares of new cash put into dollars down by 37%.

*International central banks complain of lending money to the US to cover America’s debt, but are reimbursed by a currency that has lost 10% of its value since July.

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