According to central bank managers around the globe, the United States dollar will lose reserve currency status within the next 25 years. They predict that the dollar will be replaced by a "portfolio of currencies" within the time frame. According to the article author, Jack Farchy:
"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."
Of course this comes at a time very predictable and familiar to some, or most, of us in the liberty movement. The dollar is slipping every day and cannot compete at the same level as other major global currencies. We need not look further than China to see a continual trend.
"Holders of large reserves, most notably China, have been diversifying away from the dollar. In the first four months of this year, three quarters of the $200bn expansion in China’s foreign exchange reserves was invested in non-US dollar assets."
Additionally, the president of World Bank, Robert Zoellick, "last year proposed a new monetary system involving a number of major global currencies, including the dollar, euro, yen, pound and renminbi."
"The system should also make use of gold, Mr Zoellick added. The results of the UBS poll also point to a growing role for bullion, with 6 per cent of reserve managers surveyed saying the biggest change in their reserves over the next decade would be the addition of more gold. In contrast to previous years, none of the managers surveyed was intending to make significant sales of gold in the next decade."
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