Rival Currencies Take Aim at Dollar's Dominance

from Der Spiegel:




The dollar is losing its position as the world's leading currency, but it's not only the euro which will benefit. In the future, economists predict, up to five different currencies will dominate the global financial system.

The historical first simply couldn't end without the usual mantra. At the first-ever press conference in the 98-year history of the US Federal Reserve, Fed Chairman Ben Bernanke announced last Wednesday what everyone was expecting, and wanting, to hear. Flanked by the Stars and Stripes as well as the flag of the US central bank, he said: "The Fed believes that a strong dollar is both in American interests and in the interest of the global economy."

Bernanke has often made similar pronouncements -- as has US Treasury Secretary Timothy Geithner. Invoking the dollar's strength was also part of their predecessors' standard repertoire.

This familiar litany is actually a worrying sign, however. The statement is always made when things are not looking good for the dollar. In one sense, currencies are just like people: Anyone who is genuinely strong doesn't feel the need to emphasize that fact over and over. .............(more)

The complete piece is at: http://www.spiegel.de/international/business/0,1518,761398,00.html

The way things are going, many countries may soon be wanting to dump this faux currency. It is far beyond a socialist currency; it is a do or die currency. Ref: Ireland, Portugal, Iceland, Greece, etc.

:dem: :kick: