Will US Dollar Will No Longer Be The World's Reserve Currency? (Video)

(N.Morgan) The current status of the US Dollar globally has declined significantly in the last few years.

In the video below, Peter Spina discusses the US economy, the Fed interest rate hike, the outlook for Gold and Silver prices, investing in lower cost gold and silver mining companies, toll milling in Peru and the Ukraine Russia situation.

Peter warns that the dollar could be on its way out and be replaced by a World Reserve currency.

The gold and silver markets has had a down turn as of late.

It is being reported today that  Zimbabwe is ditching the US Dollar.

In the report by Bernardo Batiz-Lazo of The Conversation he states: 

On June 15 the Reserve Bank of Zimbabwe took the last step in the process of ditching its currency. Zimbabwe dollars will be decommissioned at a rate of 35 quadrillion per US dollar (that’s Z$35,000,000,000,000,000 for US$1).

Any remaining Zimbabwe dollars in circulation after September 30 2015 will be officially, as opposed to practically, worthless.

Withdrawing all Zimbabwe dollar banknotes from circulation officially brings an end to the era of people carrying cash around in large bags and even wheelbarrows to do their everyday shopping.

In 2009, the end of the decade long recession saw the government adopt the US dollar as its main currency.

Since then people have effectively used US dollars or South African rand in everyday life, while an increasingly small number of Zimbabwe dollars (with virtually no value) remained in circulation.

Zimbabwe adopted the Rhodesian dollar in 1970, following decimalization and the replacement of the pound sterling as the currency.

At the time of independence in 1980, the Rhodesian dollar was replaced by the Zimbabwe dollar, which was then worth US$1.50.

Since then, rampant inflation, corruption, unresolved infrastructure bottle necks, President Robert Mugabe’s controversial land reform program and general economic mismanagement have led to the collapse of the economy and a severely devalued currency, with many organisations using the US dollar instead.

Are at the end of an era of the US Dollar being the most dominant currency in the world?

What will this mean for the global economy as a whole?

The numbers being foretasted certainly are pointing to the failure and demise of the US Dollar.

In total 23 countries have abandoned dollar to date.

Will more be joining the desertion of the once mighty Dollar?

References:

https://www.youtube.com/channel/UCc4IPCh6yTV7v2EyTqeK4Gw

http://theconversation.com/zimbabwe-ditches-its-dollar-in-the-end-of-an-economic-era-43263

http://www.truthandaction.org/23-countries-now-abandoning-us-dollar-2/

See all stories by N. Morgan