Dollar seen losing global reserve status
More than half the managers, who were polled by UBS, predicted that the dollar would be replaced by a portfolio of currencies within the next 25 years.
That marks a departure from previous years, when the central bank reserve managers have said the dollar would retain its status as the sole reserve currency.
UBS surveyed more than 80 central bank reserve managers, sovereign wealth funds and multilateral institutions with more than $8,000bn in assets at its annual seminar for sovereign institutions last week. The results were not weighted for assets under management.
The results are the latest sign of dissatisfaction with the dollar as a reserve currency, amid concerns over the US government’s inability to rein in spending and the Federal Reserve’s huge expansion of its balance sheet.
“Right now there is great concern out there around the financial trajectory that the US is on,” said Larry Hatheway, chief economist at UBS.
The US currency has slid 5 per cent so far this year, and is trading close to its lowest ever level against a basket of the world’s major currencies.
Is there a diabolical plot being hatched that is slowly enabling the government to take control of key positions within the nation’s private sector? How can the beast keep itself afloat in a deathbed economy and a nonexistent gold reserve that is more protected to hide that secret than it is to protect the few bars of gold that are mixed in with the fake gold? How much longer can Satan keep blinders on the eyes of those on his Titanic Beast that is slowly sinking into the abyss of agony?
Psalm 48:6 “Trembling seized them there, agony like that of a woman in labor,”
The residents of the United States are presently feeling the labor pains, and “labor” is mirrored in the loss of jobs that is causing the domino effect as the U.S. economy continues its collapse into the pit of despair.
Isaiah 13:8 “They will be horrified; pain and agony will seize [them]; they will be in anguish like a woman in labor. They will look at each other, their faces flushed with fear.”