If you listen to the mainstream media, you would think that we are in a recovery and the future of the U.S. dollar’s reign as world reserve currency is not in jeopardy. But a look on alternative news sites tells a different story. The dollar is quietly under attack, and the latest assault comes from Brazil, Russia, India, China and South Africa (aka BRICS) who want to start a joint bank. The dollar (as a reserve currency) does not really benefit the BRICS, but it is a necessary evil for international trade—at the moment. This week, IPSnews.com reported, “India’s proposal for a BRICS bank was long overdue, says John Mashaka, financial analyst at Wells Fargo Capital Markets. “It is a way the emerging nations are trying to pull out of the western dominated World Bank and the IMF,” he tells IPS. “Basically India, China and perhaps Russia are trying to show off their economic clout; they are trying to demonstrate to the west that they can do without them. Above all they need freedom from western financial influence.” Mashaka says the joint bank besides being a financial institution for BRICS member countries can also support infrastructural projects in developing countries in Africa, Asia and Latin America. But it has a long way to go, he says.” (Click here for the complete IPSnews.com story.)
So, the dollar’s world reserve currency status is probably safe for now, but its top dog status is not going to go on forever (in its present form.) (Gold backing anyone?) Some experts, like economist John Williams, say a dollar collapse is highly possible because $12 trillion in liquid dollar assets are held outside the country. I, too, think at some point, the U.S. will face a currency crisis. Whether it will be in two months or two years, I do not know, but a crisis will surely happen at the rate the country is going into debt. If part of these assets is suddenly sold into the market, interest rates could spike and the U.S. economy (and dollar) could collapse. If the dollar’s value suddenly is called into question, all hell could break loose, especially for people getting a government check, and that is nearly half of the U.S. population. Chris Duane from Thegreatesttruthnevertold.com has done a series of videos on the dollar and some of the fallout that could happen when it crashes. The video you are about to view is called “Top 5 Places NOT To Be In A Dollar Collapse.” The first part of the video talks about a dollar collapse; the last part of the video talks about the places you DO NOT want to be if and when the dollar blows up. Enjoy:
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Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.