And do you think the nations of the world, especially China and Saudi Arabia, will abandon the dollar as their reserve currency? Will the dollar cease to be the monetary unit of trade in the world? If so what does that portend for the U. S?
Anonymous
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10 yrs.of economic turmoil tells me either the politicians don't know how to fix it or they fear for their job by endorsing what it will take. Either way, we are painfully mismanaged. They caused the turmoil. There's no relief in sight. We need enough 3rd party representation in Congress to keep the big 2 honest. The current Congress is all about obstruction so nothing gets done ... try to make one look good by making some one else fail.
If America doesn't do something about the spiraling deficit/debt, eventually it will lose it's world currency status and gas prices will rise considerably (among other detrimental elements).
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I think the USA will rebound, but it will take a long time. I do not think the US will ever be the extremely prosperous country it was when it was the world leader in manufacturing. I think the dollar will remain, but other currencies will be just as valued (maybe even more so) as the dollar.
Genegee
I think that the dollar will not be replaced but the value of it will go down. Our problem is that congress has an addiction problem for spending money so that they can get reelected and taking legal bribes from the lobbyist which pushes programs that favor the companies they represent. Until drastic changes occur nothing will change.
Lew
It wouldn't be the end of the world. SDRs could be used as a less volatile alternative to the dollar because they can be converted into whatever currency a borrower requires.
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No . . . And yes when every1 changes the currency . . . Usa will become worse than a 3rd world country in a civil war