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7 Countries Considering Abandoning the US Dollar (and what it means)
List of countries and details at linkIts no secret that the dollar is on a downward spiral. Its value is dropping, and the Fed isnt doing a whole lot to change that. As a result, a number of countries are considering a shift away from the dollar to preserve their assets. These are seven of the countries currently considering a move from the dollar, and how theyll have an effect on its value and the US economy. What does this all mean? Countries are growing weary of losing money on the falling dollar. Many of them want to protect their financial interests, and a number of them want to end the US oversight that comes with using the dollar. Although its not clear how many of these countries will actually follow through on an abandonment of the dollar, it is clear that its status as a world currency is in trouble. Obviously, an abandonment of the dollar is bad news for the currency. Simply put, as demand lessens, its value drops. Additionally, the revenue generated from the use of the dollar will be sorely missed if its lost. The dollars status as a cheaply-produced US export is a vital part of our economy. Losing this status could rock the financial lives of both Americans and the worldwide economy. Posted by: Delphi 2007-11-08 |
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