I have said, to anyone who would listen to me, that the government is currently printing money like it’s nothing to pay for all this crap the congress & Obama are pushing on us. Printing money will lead to the devaluation of the dollar. In plain English, that dollar bill in your hand will only be worth about $.75, maybe less, of it’s current value.
The world has taken notice. On March 25th, the UN will recommend that any country with US dollars in it’s reserve bank “ditch the dollar as its reserve currency in favor of a shared basket of currencies.”
Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.
“It is a good moment to move to a shared reserve currency,” he said.
via U.N. panel says world should ditch dollar | U.S. | Reuters.
The combination of America’s recent race to increase our National Deficit tenfold, with the hot printing presses in the Treasury is enough to make the world nervous about the strength of our dollar. The UN will urge countries to switch to the Euro or even a combination of currencies. They say this, because they see it coming, and they don’t want the world to take a huge hit when the dollar is devauled. And it will be, once the glut of money from the Treasury hits the streets. I’ve been saying 6 months. Heck, with this news coming out of the UN, it may not even take that long.