End of the Dollar Delusion

Wednesday, May 18, 2011
By Paul Martin

By Robert Morley

The world’s biggest banks are sobering up to an inescapable reality. Should you?
What is the best gift someone could give you? Cash? Money is power. It fosters a sense of security. It opens doors and makes friends. It can enable a life of ease.
But what if one day all your money wasn’t worth anything? What would you have then?
The world’s biggest, most powerful banks may be gearing up for just that possibility.
For decades, central banks in Europe, North America and elsewhere have agreed on one thing: The dollar is as good as gold. This faith was built on America’s sporting the biggest, and one of the strongest, most dynamic and productive economies in the world. And even when the economy struggled, as Federal Reserve Chairman Paul Volcker clearly illustrated, America would do what it took – even risk pushing the country further into recession – to protect the reputation and value of the dollar.

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