PCG: French President Expects End to Dominance of USA Dollar
French President Sarkozy
Repeating his position in July (see Russia and France: New World Currency), PCG reports that France’s President Sarkozy again is looking past the time that the USA dollar dominates international trading:
French President Sees End of Dollar as Single Reserve Currency
August 31, 2009
French President Nicolas Sarkozy said that the dollar cannot remain the world’s only reserve currency as America loses its global dominance.
“The political and economic reality of a multipolar world will have to find sooner or later a translation on the monetary level,” said Sarkozy to foreign ambassadors at a reception in Elysee Palace last Wednesday. “A multipolar world can’t count upon one currency only.”…
Last Tuesday, the U.S. government announced that the budget deficit would reach $9 trillion over the next 10 years—$2 trillion more than previous projections. “That’s going to be negative for the dollar,” said Adam Boyton, a currency analyst at Deutsche Bank AG. Seeing the U.S. borrow so much will not increase investors’ faith in the dollar.
It is against this backdrop that world leaders are increasingly discussing the end of the dollar as the world’s reserve currency. At the G-8 meeting in Italy last month, Sarkozy joined Russia and China in calling for the end of the dollar as the world’s reserve currency.
With France, Russia and China calling for the end of the dollar’s dominance, and India, a strong U.S. ally, joining the chorus, 25 percent of the G-8 countries and the two largest developing economies in the world are all trying to reduce the importance of the U.S. dollar. This kind of pressure can’t be ignored for long…
Alternatives are now presenting themselves, however. Russia, China, India and Brazil announced in June they would purchase imf bonds as an alternative to U.S. bonds. No doubt these same nations will eagerly look for more alternatives. A replacement for the debt-ridden dollar will appear soon.
The reality is that the USA has been sliding by on the excess production of its dollar for some time to artificially prop-up its standard of living.
When the nations of the world finally decide that they will no longer support the dollar, the USA will have significantly more economic problems. And ultimately, this will result in problems beyond any that are ever seriously discussed in the mainstream media.
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