So you thought your dollars were the world's reserve currency, right? You thought it was a great thing to see house prices leap (in US$) so much over the past few years, right? You thought the Dow setting record highs (in US$) was great for America, right? You thought trade deficits with China, runaway government spending and crushing US Debt didn't matter, right?
The dollar is simply going the way of the realtor. Slowly and surely, it becomes less and less respected, less and less trusted, and less and less valuable.
Get ready America. The times they are a-changin...
Euro notes cash in to overtake dollar
The US dollar bill’s standing as the world’s favourite form of cash is being usurped by the five-year-old euro.
The value of euro notes in circulation is this month likely to exceed the value of circulating dollar notes, according to calculations by the Financial Times. Converted at Wednesday’s exchange rates, the euro took the lead in October.
December 31, 2006
Posted by blogger at 12/31/2006