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Monday, January 3, 2011

George Soros Discusses an Orderly Decline in the Dollar

George Soros talks about creating an international currency through SDR's (Special Drawing Rights) via the IMF (International Monetary Fund), whom has proposed using SDR's throughout 2010 as a temporary measure until an international currency could be created.  This is just another serious discussion that has been occurring by special interest in moving away from the U.S. Dollar as a reserve currency.  Soros says that if the U.S. doesn't agree to this type of arrangement, then China and other countries will go bilateral (using their own currencies between two countries, which is already occurring).   He states bilateralism will cause the dollar to be used less throughout the world (reducing dollar demand).

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