July 4, 2010
- A d v e r t i s e m e n t
The President gave a speech on immigration reform yesterday. One of the most outrageous things the President said, “The southern border is more secure today than at any time in the past 20 years.” Please, Mr. President, Phoenix is the kidnapping capitol of America, second only in the world to Mexico City. Meanwhile, as the President tried to score political points, questions about the viability of the U.S. dollar as the world reserve currency are increasing on the world stage.
The headline on a CNN.com story read yesterday, “Dollar should be replaced as international standard, U.N. report says.” This is not some idle talk from some rogue governments that hate the United States. Even our worst enemies have long held dollars in reserve. Yeah sure, there are plenty of countries that want to see the U.S. fall, but this is mainly about the dollar. Without a doubt it is losing trust in the world. Many countries (for a couple of years now) have been calling for changes in the way the world does business in light of massive U.S. debt and economic weakness. China and Russia are just a few who want to move away from the buck. The CNN story said, “The dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday. The use of the dollar for international trade came under increasing scrutiny when the U.S. economy fell into recession. ‘The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency,’ the report said.” (Click here for the entire CNN story.)
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