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Sneak Preview From  Part 5, Page 22

The Great Recession prompted by the financial crisis and America’s enormous deficit is affecting America’s greatest asset: the US Dollar. The US dollar has been the most widely held currency in the world and it stood as symbol of US strength and prosperity. It is the world’s reserve or anchor currency, this means that many governments and institutions used the dollar as part of their foreign exchange reserves. This number totaled about two thirds of the allocated reserves. The dollar became the global pricing currency for products traded on the global market such as oil and gold.

This allowed the US to purchase the commodities at a marginally lower rate than other nations and to borrow at a better rate because there existed such a large market for the dollar. This allowed the US to run its high trade deficits and greatly postponed the economic impact. The dollar has been losing its role as the reserve currency and as Mr. Roberts noted above, “The Dollar’s Reserve Currency Role is Drawing to an End.” The dollar’s loss of its reserve status will have terrible effects on the US economy.

If the dollar loses it status of reserve currency, the US as we know it will be no more. According to financial guru Michael Murphy:

“The US government will have less economic leeway to deal with the current financial mess, because excess Federal debt creation will lead immediately to a lower dollar and higher imported inflation. Longer term, the government will have to find another way to pay its debts than just selling Treasuries to the Fed. Most likely, they will have no choice. The price of gold and silver will go up as they are used more as a currency asset, competitive with the world and regional currencies. The price of oil and all other internationally traded commodities will go up in most currencies, and go up a lot in US dollars. American lifestyles and financial habits will be forced to change radically in a world where we have to pay as we go. Longer term, economic power and wealth will shift from the West to the East and, to a lesser extent, the Middle East. The US government will have no choice but to tax US citizens and businesses more heavily”

While the US dollar erodes, the euro since its launch in 1999 has risen to become the second largest currency holding of foreign reserves. As early as 2007 Alan Greenspan was quoted in a weekly German magazine Stern saying it was

“absolutely conceivable that the euro will replace the dollar as the dominate foreign reserve currency, or will be traded as an equally important reserve currency.”

ADDITIONAL COMMENT

However what most people don't realize is that if the European Union currency (the EURO) was to implode because of the domino effect of European governments needing financial bailout, then this would wreak so much havoc on the world markets that the weak dollar would totally fall apart with devastating effects. Imagine having $10,000 in your savings account only to have it revalued at $3000 because the world has had to go through a financial calibration.

The notorious thing is that it is likely that the European elite want the global economy to descend into havoc because it creates the conditions for them to bind Europe into the union they want without any resistance and allow the Euro to re-emerge as the new world reserve currency because the European Union has the depth to sustain the impact of a global fall out much more than the United States.

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