Currency fluctuates. That’s just what it does. But after Bush abandoned the strong dollar policy, our currency has done pretty much nothing but become less valuable.
And what once was the standard, is now being shunned nearly everywhere…
The decline of the dollar, symbol of US global hegemony for the best part of a century, may have become so entrenched that some experts now fear it is irreversible.
After months of huge and sustained turmoil on the money markets, lack of confidence in the world’s totemic currency has become so widespread that an increasing number of international traders are transferring their wealth to stronger currencies such as the euro, which recently hit its highest level against the dollar.
“An American businessman over here who is given the choice would take anything but the dollar,” David Buik of Cantor Index said yesterday. “I would want to be paid in yen, and if not yen then the euro or sterling.”
And there it is. And virtually nobody’s talking about it on the campaign trail.