Friday, February 29, 2008
Could the Dollar Be On The Way Out?
The dollar has been the world's reserve currency for more than 60 years. What happens if people no longer want to hold dollars? - MT
Beaten down by fears of a U.S. recession, the dollar is falling with new speed -- creating severe challenges not just for the U.S., but also for sugar traders in Brazil, central bankers in the Persian Gulf and a host of others.The greenback's biggest detractors -- a small but growing group -- say the currency is in danger of eventually losing its place as the world's dominant currency. Jim Rogers, a well-known commodity investor and a former partner of famed currency trader George Soros, has a particularly bleak assessment: "The dollar is a terribly flawed currency and its days are numbered," he said in a recent interview. He cited the U.S.'s huge foreign-held debt as the biggest cause.
Alfred Hitchcock's "Foreign Correspondent"