Friday, July 14, 2006

The Dying Dollar


US Dollar May Lose
Supremacy in Oil Market
The American dollar is loosing its popularity and its usefullness and its value. There are so many things right now threatening the existence of America since the Bush junta. Its people go confidently along not realizing all that could befall them for their ignorance and the actions of the government. Here is an informative article from Prensa Latina with some of the details.
"What may be the beginning of the end for the US greenback´S hegemony is due to its devaluation over the last years, making holders want to swap their dollar reserves for euros or yens."Iran, Venezuela and Russia alone hold 25 per cent of all the oil traded worldwide. A change to substitute the petrodollar would seriously buffet the US currency, forcing up interest rates, increasing the cost of imports into the US and triggering inflation or even a recession in the world´s number one economy."

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