US Dollar Loses Gobal Dominance as World Nations Seek Alternatives
By Mike Adams, October 25, 2008 | Key concepts: U.S. dollar, Currency and World finance
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The U.S. has exploited the wealth of other nations by manipulating the dollar to its own benefit, say authorities from China. And the world is increasingly looking to conduct its trades in other currencies. Some say the war on Iraq was conducted because Iraq threatened to start selling oil for Euros instead of dollars. Clearly, the dominance of the dollar is the only thing keeping the dollar from collapsing into oblivion. It has no inherent value anymore, especially since the U.S. government is bankrupt and there's nothing backing the currency (no gold, for example).
From Reuters.com: The United States has plundered global wealth by exploiting the dollar's dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.... more
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