Monday, March 30, 2009

New World Currency

Talks on new world reserve currency 'legitimate': IMF chief

The US$ has been the "world reserve currency" since the end of WWII. Now because of the current economic crises and the spending policies of the Obama administration, the rest of the world sees the possibility of hyper-inflation and the resultant loss of value of the dollar.

Thus the talks of a new "world reserve currency".

The Obama administration's spending policies will create a need for trillions of dollars to be borrowed today and in the future. Today it is relatively simple since the US$ is the world's currency of choice. If we continue to give other countries cause for concern and a new "world currency" evolves, where will we borrow the money?

Without that outlet, our Country will fail just like GM and Chrysler.

We must stop this insane spending.

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