The handwriting is on the wall and yet no one, from capitol hill to Wall Street, apparently wants to talk about it. The dollar’s demise, however, is obvious to the informed and knowledgeable ~ for its death is eventually inevitable: Allen L Roland
First some history ~ The dollar became the world’s reserve currency when President Nixon abandoned the gold standard in the 1970’s. The dollar is used for 43% of all cross-border transactions, and 63% of the world’s central bank foreign currency reserves are in dollars. The next most popular currency? The euro, which comprises only 30% of reserves. Although it is increasing rapidly, it is still less than half the amount held in dollars.
With that said, there are troubling signs for the dollar ~ On Thanksgiving eve the English language China Daily and People’s Daily Online reported that Russia and China have concluded an agreement to abandon the use of the US dollar in their bilateral trade and to use their own currencies in its place. Here’s the story ~
Chalmers Johnson has stated that if Saudi Arabia decided to be paid for its oil in Euros instead of dollars ~ the stock market would collapse. The crisis of the dollar is obviously a reflection of a deeply, perhaps terminally, ill American economy that is virtually supported by a voracious Military / Industrial complex and an unsustainable debt structure.
Leading economic trends forecaster Gerald Celente feels the crisis of the dollar is irreversible ~ “ If the dollar collapses, it would spell economic disaster not just for the United States, but for the world … It is more than just the demise of the dollar ~ this is going to be felt worldwide. There’s a major financial crisis ahead. The United States, the world’s superpower, is failing on its most basic level”
And the reason for the future demise of the American currency, Celente says
is the disproportionate financial system: “We can’t print money out of thin air, backed by nothing and producing practically nothing.”
So what would it look like if the dollar collapsed?
A dollar collapse is when the value of the dollar falls so fast that all those who hold dollars panic, and sell them at any cost. In this scenario, sellers would include: numerous foreign governments who hold U.S. Treasuries, traders in exchange rate futures who trade the dollar versus other currencies, and most certainly individual investors who demand assets denominated in anything other than dollars ~ such as gold and silver.
Here’s a hypothetical look at how the collapse of the US dollar may affect the world. Must see 7 minute video ~ The Day The Dollar Died
Freelance Alternative Press Online columnist and psychotherapist Allen L Roland is also available for comments, interviews, speaking engagements and private consultations ( [email protected] )
Allen L Roland, PhD is a Freelance Alternative Press Online columnist. He is also a heart centered spiritual consultant, author and lecturer who also shares a weekly political and social commentary on his web site at AllenRoland.com. He also guest hosts Truthtalk, a national radio show that airs monthly. He is available for comments, interviews, speaking engagements as well as private consultations via email at [email protected].
Roland is a twin who was born in Boston, Massachusetts, survived a dysfunctional family, pursued and lived his dreams, including becoming a Navy supersonic carrier pilot, finding himself by fully opening his heart, writing three books, siring four children ~ and is still living his ultimate dream by making a difference from a place of love, celebration and service.
His Ph.D dissertation THE UNIFIED FIELD was chosen by Common Boundary and Noetic Science Institute, in their 1998 national dissertation contest, as one of the top three finalists for combining spirituality and psychology. His ongoing heart centered work as a consultant with veterans with PTSD, is the most satisfying work of his life. Allen’s online newsletter, columns and radio broadcasts are committed to the truth ~ as he sees it ~ for only the truth is revolutionary.