While I am on the road this weekend, I am keeping a close eye on the unfolding drama in the global economy. After the S&P’s decision to downgrade America’s credit rating, things are certain to get interesting this week.
Former Federal Reserve Chairman Alan Greenspan on Sunday ruled out the chance of a US default following S&P’s decision to downgrade America’s credit rating because the U.S. “can always print money.”
Editor’s Note: In Jerry Robinson’s book, Bankruptcy of Our Nation, Jerry forecasts that by 2020 the U.S. dollar will lose its global reserve status. There is more and more news that points to this forecast becoming reality. As the world recognizes the economic problems in the United States, they will gravitate toward safer currencies in the years to come.
When will the U.S. Dollar collapse? Here’s a brief timeline that summarizes the rise and fall of the U.S. Dollar. It also details the decline of the dollar due to the petrodollar collapse.
While the yuan is still years away from being able to displace the dollar in global trade, it is inevitable that the U.S. dollar will continue its downward trend which will require the rise of other currencies. The two contenders to watch closely in the coming years are the euro and the yuan.