The long-term fate of the U.S. Dollar is now in doubt.
According to Blomberg on July 6, not only China, but also Russia and India, are now claiming that the world is too reliant on the U.S. Dollar.
Russia has called for a new international reserve currency. Meanwhile, an economic advisor to India’s president, is urging that country “to diversify its foreign holdings away from the dollar.”
Experts don’t expect the world’s dependency on the Dollar to end anytime soon, however.
- Sources: Blomberg.com, 07/06/09.
** No Kidding!
“We misread how bad the economy was.”
- Vice President Joe Biden, George Stephanopoulos, ABC “News,” 07/05/09.