U.N. panel says world should ditch dollar | U.S. | Reuters: "LUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar."
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So things are just going swimmingly on the international front.
1 comment:
Not really surprising. The dollar, as the article points out, slid relentlessly under the Bush Administration. It's actually done rather well over the last couple of months, but with the immense debt this country has built up over the years, that can't last and because our domestic manufacturing has been destroyed we have no real way of paying anything back. We're basically a third world country at this point, an entity that produces only debt, and you can't blame the furriners for wanting to get their investments paid back...
It's a reflection of the serious problems for the obvious alternatives, the yuan, yen and euro, that they're proposing what effectively amounts to averaging currencies rather than switching outright to a different one.
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