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09/17/2007 07:31 PM ID: 64976 Permalink   

Euro To Replace U.S. Dollar?

 

In a yet to be published interview in the German magazine Stern, Alan Greenspan indicates that it is possible that the U.S. dollar could be replaced by the euro as the reserve currency of choice.

The dollar still has a marginal lead over the euro as a reserve currency, but recent trouble in the U.S.'s financial sector has caused problems. The euro has gained steadily against the U.S. dollar over the last two years.

 
  Source: biz.yahoo.com  
    WebReporter: Zpravodajec Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  24 Comments
  
  Its been talked about since the Euro  
 
was little more than an idea, it never will though.
Europes ageing and dieing at an alarming rate.

However the US is losing ground as a reserve currency, to a mixed basket of currency, shares, and natural resources
 
  by: AnsweringQuestions     09/17/2007 07:54 PM     
  Oil  
 
Need I say more?
 
  by: encorespod   09/17/2007 08:01 PM     
  No Way  
 
There's no way that the States will conform to a world-wide standard. It's just not in them to do such a thing. Take a look at the Metric system for proof of that!
 
  by: backin1775     09/17/2007 08:04 PM     
  @backin1775  
 
Did you even read the article? Or just the title.. Read it again.
-np-
 
  by: NicPre     09/17/2007 08:16 PM     
  I can see this happening  
 
Especially if more countries start trying to switch to the Petro-Euro.

But in the long run I see the US eventually joining an NAU and dumping the dollar altogether to replace it with the Amero which will probably be just as strong as the Euro.
 
  by: slavefortheman     09/17/2007 08:25 PM     
  @slavefortheman  
 
I agree 100% with everything you just said... It's gonna happen, it just sucks.
-np-
 
  by: NicPre     09/17/2007 08:31 PM     
  @NicPre  
 
The part that bothers me the most is not using a different form of currency. But rather the fact that they are doing this all in secret and also want to integrate the political as well as the economic. Economic integration is one thing but political is another. I dont like the idea of giving up the constitution permanently...
 
  by: slavefortheman     09/17/2007 08:38 PM     
  D-Oh!  
 
My sincere apologies for displaying such ignorance.
 
  by: backin1775     09/17/2007 08:43 PM     
  Heh haha heheh.  
 
Try using either the Euro OR the US dollar in any of the newest EU member states and you'll be lucky if you can make a transaction. I hate the Euro and what it does to countries that adopts it. I like a world where the US Dollar is king. However, I am really pissed at the 40 percent drop in exchange rate the dollar has incurred over the last few years and that, combined with EU's tendency to inflict artificial inflation upon members, is quite annoying and bad for business everywhere.
 
  by: theironboard     09/17/2007 08:54 PM     
  Heh haha heheh.  
 
Try using either the Euro OR the US dollar in any of the newest EU member states and you'll be lucky if you can make a transaction. I hate the Euro and what it does to countries that adopts it. I like a world where the US Dollar is king. However, I am really pissed at the 40 percent drop in exchange rate the dollar has incurred over the last few years and that, combined with EU's tendency to inflict artificial inflation upon members, is quite annoying and bad for business everywhere.
 
  by: theironboard     09/17/2007 08:54 PM     
  I've heard stuff like this too  
 
Wasn't Iraq trying to switch to the Euro before the second gulf war so that they wouldn't be dependent on the US Dollar?
 
  by: CrisW   09/17/2007 09:57 PM     
  Personally..  
 
I'd love to see the Canadian Dollar become the reserve currency of choice. We're almost on par5 with the US dollar right now, and according to some forecasts it could go as high as $1.05 to the US dollar.
 
  by: StarShadow     09/17/2007 10:20 PM     
  It's slowly starting  
 
to happen, and the US doesn't like it one bit. Iraq was starting to demand payments in Euros
for their oil in 2000. Guess who the next country to be looking for their payments in Euros is.
Just guess. Anyone??? Hint: They've also been planning a pan-Arab exchenge that would
compete with the New York and London oil exchanges. Any takers now? Final hint: They're
"developing a nuclear weapon"...
 
  by: Mister crank     09/17/2007 10:50 PM     
  It Doesn't Help...  
 
...that Greenspan's retirement hobby is talking the Dollar down, or trying to dodge the fact he didn't do anything to help it.
 
  by: Major-General   09/17/2007 11:07 PM     
  @slavefortheman  
 
Amen to that. I can see it now, one North American Police State... with no constitution that allows me to call the President a retard.

-np-
 
  by: NicPre     09/17/2007 11:08 PM     
  @TIB  
 
You can say that again. ;)
 
  by: Lurker     09/18/2007 02:26 AM     
  nt  
 
The entire world needs a common currency... but that will never happen lol.
 
  by: Rodney Jason   09/18/2007 06:52 AM     
  Calm down Calm down  
 
if you have 10 minutes it's all explained here

http://www.youtube.com/...
 
  by: Hugo Chavez     09/18/2007 09:54 AM     
  Indicates it is possible?  
 
I know Greenspan has the voice of money but doesn't just saying something "is possible" mean next to nothing..

I could say "Its possible in the future we will be overtaken and enslaved by genetically altered cybernetic racoons" and who could say I was wrong?

Now if he said "it is likely" it might mean something.

 
  by: Pyronius     09/19/2007 01:19 AM     
  Face It - It's Happening  
 
The American economy is shot, the US is heading toward recession, confidence in the Dollar is fading. The Euro is strong, its economy is good and confidence is high.
5 years from now all major trading will be in the Euro.
 
  by: kuryakin   09/19/2007 01:56 PM     
  Not a chance.  
 
Britain wouldn't convert to the Euro and they're only 21 miles (34 km) away. Why should we think the U.S. would?
 
  by: guyfawkes   09/19/2007 09:22 PM     
  @guyfawkes  
 
If the value of the pound was to plummet then the UK might consider switching to the Euro. The same holds true for the US. If the NAU comes about people in the US wont have a choice for that matter. The NAU will happen. Massive corporations and powerful people are streaming full speed ahead. Most people dont know its going to happen and it will be a huge surprise. But the US, Mexico and Canada will eventually share the same currency.
 
  by: slavefortheman     09/19/2007 09:37 PM     
  @slavefortheman  
 
NAU or not, US, Mexico and Canada already share a common currency - the US dollar. All major trading in NAFTA is already conducted using US funds.

This is just about other countries potentially dumping there trading in US dollars for trading in Euros.

The Amero (or whatever the NAU) would choose to use would likely never be able to regain the strength that was once held by the US dollar. It is already the NAU currency. And it is falling. There isn't enough depth in NAFTA to have any clout. The NAFTA countries are already far too similar.
 
  by: Zpravodajec     09/19/2007 10:15 PM     
  @Zpravodajec  
 
I meant it would replace it in every sense. That is even regular ordinary people would use it for regular financial transactions. IE buying food at the store, going out to have fun, buying movie tickets, etc. etc.

"The Amero (or whatever the NAU) would choose to use would likely never be able to regain the strength that was once held by the US dollar."

I dont buy that. By this logic the Euro should have failed as well. The amero though will probably be born out of an economic crisis rather than how the euro was formed though. Plus combining the economies of Mexico and Canada as well as the US will create a very powerful currency that would rival or even surpass the Euro.
 
  by: slavefortheman     09/19/2007 10:45 PM     
 
 
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