[FoRK] Re: [silk] The Demise Of The Dollar

Eugen Leitl <eugen at leitl.org> on Mon Jun 4 00:21:13 PDT 2007

----- Forwarded message from Udhay Shankar N <udhay at pobox.com> -----

From: Udhay Shankar N <udhay at pobox.com>
Date: Mon, 04 Jun 2007 12:29:56 +0530
To: silklist at lists.hserus.net
Subject: Re: [silk] The Demise Of The Dollar
X-Mailer: QUALCOMM Windows Eudora Version
Reply-To: silklist at lists.hserus.net

Udhay Shankar N wrote: [ on 12:17 PM 11/25/2004 ]
>The dollar's demise
>Nov 23rd 2004
>From The Economist Global Agenda
>Is the dollar's role as the world's reserve currency drawing to a close?

Another data point:


The U.S. dollar took a big hit last week. From Kuwait. On May 20, 
Kuwait stopped pegging its currency, the dinar, to the U.S. dollar.

You know your currency has become a 98-pound weakling when Kuwait can 
kick sand on it.

Even worse, Kuwait wasn't acting out of any animus toward the United 
States. The tiny kingdom wedged between Iraq and Saudi Arabia remains 
a U.S. ally. So the country wasn't trying to make any political 
point. It had simply become too expensive for Kuwait to keep the 
dinar linked to the dollar. I expect other countries, not tomorrow 
but soon, to take the same action. And that will be just one more 
milestone in the decline of the dollar.


((Udhay Shankar N)) ((udhay @ pobox.com)) ((www.digeratus.com))

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