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7 Countries Consider Abandoning the US Dollar

Original post made by Anonymous, Another Palo Alto neighborhood, on Nov 7, 2007

As Cheney said, "Deficits don't matter." If the dollar collapses, not only will everything become more expensive, political stability is at risk.

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Comments (1)

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Posted by Investor
a resident of Duveneck/St. Francis
on Nov 7, 2007 at 12:33 pm

Much of this is political sabre-rattling, BUT the $ is underwritten by an economy that is at its lowest point (n terms of debt, personal and otherwisde) in a long time. If the money traders get a sense that they can facilitate moves out of the dollar (with an eye to getting back in, later), watch out! We may not see a permanent shift out of the dollar, but massively volatile currency markets that ebb and flow with political winds.

"Money makes the word turn round" is how the line from the "Cabaret" show tune goes. Since WWII, that "money" has been the $. Since many nations have recovered from WWII, and trade and intellectual capital flows have altered, the "money" that makes the world go round will decidedly _not_ be the $, by default.

This is going to play havoc with the American economy, and political scene. Our problems related to this new development are just about to begin.


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