A Russian legislator named Mikhail Degtyarev considers the U.S. dollar a Ponzi scheme. Convinced that the dollar will collapse in 2017, he has introduced a bill to ban the holding of dollars by private citizens in his country. Banks would be exempt from the law.
I'm not convinced that Degtyarev is right. The dollar hasn't lost ground in recent years -- in fact, it's the euro that's in trouble. But I would not bet against the yuan...
6 comments:
Not sure how well versed you are in the Petrodollar and BRICS, Joseph, but this shit is ready to HTF.
Ben----
Care to tell us more, Ben?
http://www.ca-cib.com/news/petrodollar-recycling-issues-and-challenges.htm
http://en.wikipedia.org/wiki/Petrodollar_recycling
http://www.zerohedge.com/news/2013-11-21/china-fires-shot-across-petrodollar-bow-shanghai-futures-exchange-may-price-crude-oi
Ben---
http://thebricspost.com/
Just a few links of interest on the subject, Joseph.
Hello
Here's a little more on this subject. I agree on the euro but the almighty dollar isn't looking to good in the long run.
http://www.washingtonsblog.com/2009/04/the-scoop-on-reserve-currencies.html
http://www.zerohedge.com/contributed/2013-10-29/dollar-really-losing-its-reserve-currency-status-%E2%80%A6-if-so-what-will-replace-it
Krugman discusses:
http://krugman.blogs.nytimes.com/2013/07/20/how-much-should-we-worry-about-a-china-shock/?_r=1
Thom Hartmann says 2016
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