China, Russia quit dollar
As the American economy slips further into the morass, and the U.S. Federal Reserve plows ahead with its ill-conceived debt monetization program, the U.S. dollar feels the impact. The once proud greenback which acted as the world’s reserve currency is now expected to be the world’s weakest currency according to J.P. Morgan Chase. Already the cracks are showing as Russia and China have decided to dump the dollar for bilateral trade between the two countries.
"About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in
______________________________________
The dollar may fall below 75 yen next year as it becomes the world’s “weakest currency” due to the Federal Reserve’s monetary-easing program, according to JPMorgan & Chase Co. “The U.S. has the world’s largest current-account deficit but keeps interest rates at virtually zero,” Tohru Sasaki said at a forum in Tokyo yesterday. “The dollar can’t avoid the status as the weakest currency.”
Dollar to Become World’s ‘Weakest Currency,’ JPMorgan Predicts
Comments
Post a Comment