Bye bye US dollar!!
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Some time, I read (and posted) articles about China, Europe and other countries thinking of replacing USD as the world reserve currency.... Opps, now someone (1 country) actually did it~!
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Iran Replaces the Dollar With the Euro
20 Sep 2009
Iran's President Mahmoud Ahmadinejad has ordered the replacement of the US dollar by the euro in the country's foreign exchange accounts.
The September 12 edict was issued following a decision by the trustees of the country's foreign reserves, Mehr News Agency reported.
Earlier, the Islamic Republic of Iran had announced that the euro would replace the greenback in the country's oil transactions. Iran has called on other OPEC members to ditch the sinking dollar in favor of the more credible euro.
Following the switch, the interest rate for the facilities provided from the Foreign Exchange Reserves will be reduced from12 to 5 percent.
Since being introduced by the European Union, the euro has gained popularity internationally and there are now more euros in circulation than the dollar.
The move will also help decouple Iran from the US banking system. -
Uh oh this is not good.. If other countries follow suit the collapse of the dollar is inevitable. And nobody benefits from that.. This is a sign of tough times to come
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u dunno... US dollar is sarported by it's MILITARY power....
all others all tok cok one lah
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Originally posted by ulquiorra87:
Uh oh this is not good.. If other countries follow suit the collapse of the dollar is inevitable. And nobody benefits from that.. This is a sign of tough times to come
Tough times as in, it's difficult to buy gold under 1,000USD/oz....
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Originally posted by cyberr1981:
Tough times as in, it's difficult to buy gold under 1,000USD/oz....Buy Silver I read somewhere that the chinese government is actively encouraging its citizens to buy silver. Silver is also good hedge against inflation in fact it may rise many percentage higher should the dollar hyperinflate
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Originally posted by ulquiorra87:
Buy Silver I read somewhere that the chinese government is actively encouraging its citizens to buy silver. Silver is also good hedge against inflation in fact it may rise many percentage higher should the dollar hyperinflate
But silver's value is not recognised in singapore pawnshops and goldsmiths. Once I tried to sell silver jewellery to a pawnshop, got quoted 20cents per gram. -
With the price of gold so lucrative, who'd want to hedge on Silver? Perhaps speculators and speculation might give it a one time boost?
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Jim Rogers has said this many times and I agree with him: economic leadership is shifting once more and the next 100 years will see Asia taking over the reigns of global economic leadership and he expects China to take the lead.
That's why I've also shared my views with friends that my favourite currencies, apart from gold, are the RMB and the Indonesian Rupiah. I've a bit of all three and intend to accumulate more gold. The RMB and the Rupiah are fiat currencies like the US$ but they have not been abused and are not as flawed.http://singaporeanstocksinvestor.blogspot.com/2009/12/new-global-economic-leadership.html