30 Oct '11, 12pm

#peakoil Eric Janszen: We Are Witnessing The Death Of The Dollar: What do you get when the producer of the world...

There was no plan B in the global monetary system when it switched over to the US Dollar reserve basis for global monetary reserves. The only fallback is gold. Gold is the only reserve asset that central banks hold other than dollars and to some extent euros – but it is mostly gold. So gold is the fallback. What I thought was going to happen is that, over time gradually, that there would be an increase at some point in gold holdings by central banks as they hedged the marginal increase and the number of Treasury bonds that they needed to hold as a result of conducting trade with the US and also simply maintaining the US economy through low interest rates and providing sufficient investment to continue to offer the US government. What is very interesting to me is starting in the second quarter of 2009, right after the financial crisis is when global central banks became net...

Full article: http://peakoil.com/bussiness/eric-janszen-we-are-witnessi...

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