The Weakening Dollar Is Dying A Slow Death.
“It’s clear where we’re headed,” says Niall Ferguson, author of The Ascent of Money. “Ten years from now there will be more than one international reserve currency,” he tells Tech Ticker.
Ferguson dismisses the dollar loyalists, citing the British pound – the last international reserve currency – as his example. “These things don’t last forever” but don’t expect it to happen overnight. “It’s a long multi-decade process,” he states. Even with the dollar near a 14-month low against the Euro, he claims it’s not without historical precedence for the greenback to lose “another 20%” this year.
For international investors the loss is enough to offset this year’s stock market gains. Not exactly great motivation for foreigners to keep buying the almighty dollar.
Editor’s note: The accompanying video was taped last week at The Economist’s Buttonwood Gathering. See below for additional coverage and stay tuned for further segments:
Posted Oct 20, 2009 09:00am EDT by Peter Gorenstein
– Lindsey Williams on Alex Jones: ‘The Elite have changed there Timeline’ – ‘Within two years you will not recognize America’ – ‘War is planned after two years, starting in the middle east area and spreading to the entire world’
– Gerald Celente: ‘Their is no recovery; It’s a coverup. We are already in the Greatest Depression.’