Letter: Is the U.S. dollar doomed?
The question in the media now is whether the euro can be sustained as a viable currency due to the challenges of the debt load of the member states such as Ireland, Spain, Greece, Portugal, Belgium, etc.
The real question should be: When will the United States default on its debt obligations? Will it be 2011, as some are stating, or a few years out? When will the world drop the U.S. dollar as the world’s exchange currency? The Council on Foreign Relations has published a serious warning which our legislators in Washington refuse to heed.
Precious metals prices are through the roof, with gold surging past $1,400 per ounce and silver at an all-time high. These are serious indications that the dollar is doomed, both as the world’s reserve currency and because of mounting inflation which the members of the Austrian School of Economics have been warning us about for a very long time.
Unfortunately what the Congress will do will be too little too late. What the American people will do will be too little too late.
Peter Courtenay Stephens