“… the dollar’s role as reserve currency is coming to an end, which means the termination of the US as financial bully and financial imperialist,” Dr. Paul Craig Roberts, a former editor and columnist for The Wall Street Journal and Business Week, wrote in a column for Press TV.
Craig Roberts noted that the growing avoidance of the dollar by many countries to settle trade imbalances, China’s plan to let the dollar decline further in value and considering to price oil futures on the Shanghai Futures Exchange in Yuan shows how dollar is losing its word’s reserve currency status.
“This blow to the dollar in addition to the blows delivered by jobs off shoring and the uncovered bets in the gambling casino created by financial deregulation means that the US economy as we knew it is coming to an end,” the economist added.
The People’s Bank of China said on Wednesday that the country does not benefit any more from increases in its foreign-currency holdings.
Explaining reforms recently outlined by the Chinese government, Governor Zhou Xiaochuan wrote in an article that the monetary authority would “basically” end normal intervention in the currency market and broaden the Yuan’s daily trading range.
“As the dollar enters its death throes, the lawless Federal Reserve and the Wall Street criminals will increase their shorting of gold in the paper futures market, thereby driving the remnants of the West’s gold into Asian hands,” Craig Roberts added.