WHo said it was going to happen tommorrow...
maybe in 25 years?
Quote from TGregg:
That has been the non-stop position of the left not just this year, not just this administration, not just this decade but for the past 50 years. Any day now, the world will drop the greenback as the reserve currency and replace it with the fad paper de jure. Any time over the past 10 years you can find threads about this on EliteTrader, yet the world's reserve currency remains in USD.
And it's not surprising. Not to anybody with a brain, anyway. Are there problems at the fed? Is the US government capable of irrational behavior? Oh yes. No doubt. Thing is, who is better? For a long while the dolts in the press tried to tell us that a socialist conglomerate of Europe would wipe the floor with the dollar. JFC that's stoopid, even for this board. But all the talking heads were saying it was the end of the USD. Then it was the end of the USD when some countries would not market oil in dollars.
But now, the corrupt communist chinese are going to be the new currecny masters. LMOA. But don't let me (or common sense) stop you from making a fortune. Sell your dollars, buy the chinese paper. It's not like you'll escape every fraud so you might as well give in to the first one and be done with it.
Also interesting to note: US bond prices tanked and rates exploded during the 70's even though the USD was still world reserve currency.
What is more interesting IMO is that the USD remained the world reserve currency, with absolutely no challengers whatsoever, despite crashing in value, experiencing record inflation, a massive bear market in both stocks and bonds, soaring public debt, and military defeat and loss of status internationally.
If the dollar stayed the reserve currency from 1974 to 1980, then it is hardly going to lose its status during the current period.
As for the Chinese currency, the idea of that becoming the reserve currency is laughable, at least in our generation. The Euro is the only thing that could come even close to challenging the dollar, and there are some issues with absorbing the E European countries, along with UK/£ before it would seriously be considered IMO.
Basically, the country with the most guns, most political stability, and the most open, richest economy gets to claim the reserve currency mantle. EU fails on power & possibly stability, China fails on all three.
America was drug into an alley, beaten to a pulp, raped for everything she had, then hauled off to some cockroach-infested basement and held for ransom by the very same people you claim have our best interest at heart:
What's the betting achilles28 has:
i) a bank account
ii) a credit card
iii) an overdraft
iv) all of the above
Yeah, let's get rid of banks and bankers. I hope you have lots of goats to barter with.