Go back to 1910, and you could have printed this story by substituting the words “Pound Sterling” for “dollar” and nothing would have been lost in the article.
Back then, the British Pound was the world’s dominant currency, but it was not destined to remain so. The United States was in the process of passing Britain as the world’s largest industrial economy. Yes, two world wars bankrupted Britain, but they only acted to hasten or increase the effect of a process that was already underway.
Fifty years from now this article will be written in Beijing with the words “yuan” substituted for “dollar.”
Why is the USA now embracing socialism?
The entire world and it’s economy relies 100% on the Fed and its printing presses.
It’s why I believe this game of spend-and-spend three card monte can do on indefinitely.
The US dollar is honored around the world because of the American history of justice, laws and .......oh, never mind.
In a fit of rationalization I keep reminding people that it the dollar is “relatively” good compared to other currencies. How long this justification persists is up for grabs.
I had a young man on my front porch yesterday who is trying to figure out a way to feed his family after having lost a good oilfield job two months ago. The same company has not let go another 30%. There are no good jobs to be had.
The nations economy is FLAT and has pretty much been that way since 9/11. The DOW has only gone up a paltry 3% since 1/1/08.
This nation is DEAD in all respects.