The Day the dollar died

The dollar meltdown (Source news24.com) As global “reserve currency” the U.S. dollar forms the backbone of our world’s financial system.  But according to a new research report, the U.S. dollar could lose its status as the world’s reserve currency as a result of the new US legislation, which takes effect on July 1, 2014. The report claims that the new law, U.S. House of Representatives Bill “H.R. 2847”, passed into law by U.S. Congress in 2010, will usher in a potential meltdown of the U.S. dollar. Compiled with input from analysts, the report says that this new law will wreak havoc with local currencies around the world, including the S.A. Rand. It may be the U.S. Government’s biggest blunder which could effectively lead to a collapse of the U.S. Dollar. The New York Post recently reported, “The US dollar is getting perilously close to losing its status as the world’s reserve currency. Should it cross the line, the 2008 financial crisis could look like a summer storm.” As the U.S. dollar gets closer to losing its position as the world’s reserve currency, the impact will be felt worldwide. America contributes 34% to the global economy. Should the U.S. Dollar collapse America’s economy will just about shutdown. Business will at least temporarily grind to a halt. This will directly affect America’s trade partner countries like South Africa. Commodity prices for petrol, oil and other commodities are expected to skyrocket. Almost everything will get dramatically more expensive – clothing, furniture, household goods, food, electronics, televisions, computers and cars.

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