By Ronald-Peter Stoferle, Incrementum AG Liechtenstein
June 12 (King World News) - Rome, The United States & The Path To Destruction
Adieu “Exorbitant Privilege
The critical situation and the future of the US public finances have started to cast more than just a shadow of doubt on the currency hegemony of the US dollar. Although the US GDP in terms of global economic output has fallen to only 25%, the US dollar still accounts for more than 60% of global foreign exchange reserves. It seems that many countries want to cast off the shackles of the US dollar. China, Russia, India, as well as Japan intend to increase the share of trade invoiced in their own currencies so as to circumvent the US dollar. This clearly marks a paradigm shift because more than two thirds of all US dollars are held abroad....