By Olga Belinskaya
“Russia and China are pushing the U.S. into a currency crisis,” squealed The Washington Times on November 18. The article went on to claim that Russia and China have been acting in concert to create a “de-Americanized world” by dethroning the dollar as the international reserve currency. But what the Times failed to mention is that the Russians say they want to collapse the dollar for the sake of peace.
Reserve currency status has afforded the United States near-limitless borrowing and control of foreign economies that rely on the dollar for credit and business. Recently, though, a number of countries, especially those with strong economies such as the BRICS (Brazil, Russia, India, China and South Africa), announced a fund to establish a new financial system and central bank that is independent of the dollar.
Egon von Greyerz, the founder of Matterhorn Asset Management out of Switzerland, told King World News.com that the dollar is free-falling because fewer parties are using it for reserves for conducting trade and for investment purposes.
“The consequence in the next few years will be that the dollar, which is only backed by massive debts, will continue the decline to its intrinsic value of zero,” he said.So what is the plan?