Monday, June 15, 2009

The Dollar not the only Reserve Currency Nouriel Roubini says

Nouriel Roubin said that The dollar’s status as the world economy’s only reserve currency will end, Roubini is a New York University economics professor also nicknamed Dr Doom he predicted the financial crisis years before it happened .

“We may see complementary reserve currencies,” Nouriel Roubini said at a conference in Athens on June 11th . While it’s “not going to happen overnight,” the development “will diminish the role of the dollar over time.”

The dollar’s status is under threat as the leaders of Brazil, Russia, India and China discuss ways to substitute the dollar with other assets, amid a fear of a US budget deficit and a soaring inflation due to the massive amount of fresh dollars that the FED has been printing lately. China alone owns more than $744 billion of U.S. Treasury bonds among its $2 trillion of foreign-exchange reserves. , Russia Saudi Arabia Japan and Germany other big US dollars and treasury bonds holders ...

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