U.S. Dollar To Lose Reserve Status

The U.S. dollar, one of the greatest symbols of all time, not just to Americans, but to every citizen in the world, is about to undergo a loss of prestige so devastating that it will lose the title of the world's reserve currency. The huge decline in the dollar over the last ten years has been the impetus of a rise in commodities that have pushed oil to a high of $150 and gold to $1000. And now, as our politicians continue their irresponsible spending on stimulus packages, bailouts, and health care reform, and the Federal Reserve continues down the path of quantitative easing, we face a budget that will increasingly become unmanageable and therefore unappetizing to those foreign nations that hold dollars as a reserve. Just as the British pound lost that status in the early 1900's, so can and so will the United States.

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Pimco Says Dollar to Weaken as Reserve Status Erodes

Aug. 19 (Bloomberg) -- Pacific Investment Management Co., the world’s biggest manager of bond funds, said the dollar will weaken as the U.S. pumps “massive” amounts of money into the economy....