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The dollar itself is under attack

suniljain's picture
Submitted by suniljain on November 2, 2009 - 13:55

Then, Argentina "dollarised" the economy. The Argentine central bank
stopped issuing local currency, except at a fixed rate against new
accretions to forex reserves.

This led to immediate hardship as street prices rounded upwards to
reflect the fact that the USD was worth thousands of pesos. But it
eventually worked, bringing down inflation by constricting money supply
and preventing a run.

Almost three decades down the line, the dollar itself is under attack.
The US economy is weak and it's running massive deficits. The huge gap
between government expenditure and revenues causes one sort of tension,
impacting US interest rates. The massive trade gap leads to another
sort of pressure on the value.

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