of our Republic is the invisible government which like a giant octopus sprawls its slimy legs over our cities, states and nation. At the head is a small group of banking houses... This little coterie...run our government for their own selfish ends. It operates under cover of a self-created screen...seizes...our executive officers...legislative bodies...schools...
courts...newspapers and every agency created for the public protection.”
N.Y. Mayor, John Hylan
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FALL OF AMERICAN CURRENCY VALUE
What Will the Fall of American Currency Value Mean for the Average American?
The current American currency value is declining at an alarming rate.
As the dollar falls, the fate of the average American falls with it.
"With the dollar privilege passing, the U.S. confronts a radically different situation than in the past, and a tormenting process of changing the accustomed world-view is on the horizon.
"However, even as of now, the role of the euro as a rival to the U.S. dollar is rarely a subject of concern in the United States.
"It is the same with additional power shifts that are going on, all of them potentially reducing or even eliminating the dominant role of the U.S. currency in the world economy.
"New alliances are emerging that neither politically nor militarily may be benign to the United States.
"Also, older powers have maintained their might.
"The Soviet Union has disappeared, but Russia remains a military power matching the nuclear overkill capacity of the United States.
"China is beyond any immediate control or persuasion by the United States.
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"… What do these constellations imply for the role of the U.S. dollar?
"Anytime soon one may expect that countries like Russia or Venezuela and other oil producers will turn to the euro as the currency for their oil exports. The move to the euro as a currency for international transactions and reserves during the past couple of years may represent only the initial stage of long-lasting process." - Why the Dollar is Falling
AMERICAN CURRENCY VALUE: THE FALLOUT
"If the dollar were to continue falling, it could have wide ramifications:
- It could imperil the economy next year because Fed Chairman Ben Bernanke might have to defend the currency with higher interest rates.
- A lower-valued dollar makes imports more expensive, possibly ratcheting up the inflation rate. But it could also stimulate US exports, thus providing more jobs.
- This summer, Americans traveling abroad will feel as if everything is expensive. However, foreigners coming to America will feel as if the country is one giant Wal-Mart.
"Behind the falling currency is a changing global economy..." - The Fallout From a Falling Dollar
AMERICAN CURRENCY VALUE: BAD FOR CONSUMERS
"But for consumers, that medicine could be hard to swallow, especially if the dollar’s decline turns into a free fall. That could spark a run-up in inflation and force the Federal Reserve to raise rates aggressively, potentially bringing down the high-flying housing market.
"‘A weaker dollar, generally speaking, is better for business and bad for consumers,’ said Mark Zandi, chief economist of Economy.com, a forecasting firm.
"‘If the dollar’s decline is orderly, then inflation will rise, but very modestly,’ he said. ‘In a darker scenario, the process is not smooth, interest rates rise more and the pain we feel will be more significant, in large part because of problems in the housing market. The housing market will get crushed, and that will reverberate through the economy’." - Consumers Could Cet Caught Under Falling Dollar
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