THOUGHT FOR THE DAY!

Truth needs no law to support it. Truth is self-evident to all. Truth withstands re-examination. Truth survives questions. Throughout history, from Galileo to Zundel, only lies and liars have resorted to the courts to enforce adherence to dogma." -- Michael Rivero

 

Refusing Dollar as “World Currency” Inevitable

Latest developments in the financial markets of US and see-saws in the exchange rate of dollar have undermined the position of the America currency in world markets. Today, even more countries are thinking about refusing dollar USD as reserve currency. By doing this, they want to secure their markets and promote the role of national currencies.

According to International Monetary Fund, if in 1999 dollar assets accounted for 71% of all currency reserves worldwide, it makes 65% at present. A total of 25% of reserves of central banks and 39% of liquid demands in private sector are preserved in euros. Not only central banks and source companies, but also investment funds give preference to euro in their currency policy.

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