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It's a long time since the US Treasury Secretary announced that the dollar was America's currency but the rest of the world's problem.
As the dollar was the international reserve currency of choice in the 1970s, the US could always pay its bills just by running its printing presses.
That trick is becoming harder by the day. The dollar's steadily plummeting value has driven the rest of the world to look at, accept and buy the alternatives.
Not only are central banks gradually but increasingly restocking in euros, but on a day-to-day basis the currency markets are saying that the euro is the better deal by setting record levels.
For investors who suspect that the euro too has its limits, the alternative of commodities, or precious metals, captures the imagination.
Particularly when inflation has returned and eats into cash returns, and the frailty of the global financial system demands that interest rates be set low. So oil and gold are setting daily records too.
Now America needs bailing out. As it struggles to avoid recession, and needs to cut interest rates, with an ailing currency restricting that option, the dollar is becoming a headache for everyone - the US included.
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