As we have been reporting for some time, the United States is now in the early stages of a dollar collapse. Now it appears other news sources are waking to the fact that this is not a cycle—that the dollar won’t bounce back like it has during previous downturns. Featured in The Independent today is this headline: “The dollar’s decline: from symbol of hegemony to shunned currency.” Andy McSmith writes,
The decline of the dollar, symbol of U.S. global hegemony for the best
part of a century, may have become so entrenched that some experts now
fear it is irreversible.
After months of huge and sustained turmoil on the money markets, lack
of confidence in the world’s totemic currency has become so widespread
that an increasing number of international traders are transferring
their wealth to stronger currencies such as the euro, which recently
hit its highest level against the dollar.
It’s not just international traders—Opec members have discussed the possibility of pricing oil in a currency other than the dollar. The mere discussion of this option prompted Saudi Arabia’s foreign minister to make this candid remark in a closed door meeting where microphones were inadvertently left on, allowing reporters to eavesdrop on the exchange:
My feeling is that the mere mention that the Opec countries are
studying the issue of the dollar is itself going to have an impact that
endangers the interests of the countries.
There will be journalists who will seize on this point and we don’t
want the dollar to collapse instead of doing something good for Opec.
The Trumpet has been warning about the dollar’s decline since 1995. If you haven’t yet read Robert Morley’s column from November 13, you can read it here.
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