WSWS.org<\/em>.<\/p>\n<\/p>\n\t\u00abThe world economy faces the looming risk of a collapse of the dollar, together with the dangers of rising commodity prices, continued high unemployment and the risk of sovereign debt default, according to a report published last week by the United Nations. The report, a mid-year update to the 200-page conspectus of the world economy issued earlier this year, says that the precipitous fall of the dollar since the start of the new millennium portends the possibility of a destabilization and crisis of confidence of the world reserve currency.<\/em><\/p>\n<\/p>\n\t\u00bbThe risk of a dollar collapse is just one of the economic pitfalls outlined in the report. The report’s headline conclusion on economic growth, which is slightly improved from its earlier estimate, is overshadowed by the risks it outlines to every other aspect of the world economyfrom rising food prices, falling living standards, the potential for sovereign debt defaults, and the destabilization of currency systems.<\/em> []<\/p>\n<\/p>\n\t\u00bbOver the last ten years, the US dollar has lost 27 percent of its value against other currencies, although this process was interrupted by the global financial crisis, in which investors fled to the dollar for its relative safety. Since mid-2009, however, the dollar has lost 23 percent of its value and is even lower than the pre-crash level. In fact, the dollar is currently at its lowest level since the 1970s.<\/em><\/p>\n<\/p>\n\t\u00bbAfter this stark warning, the report called for deeper reforms of the global reserve system which would reduce dependence on the dollar as the major reserve currency, including enhancing the role of special drawing rights (SDRs) as international liquidity, while expanding the basket of SDR currencies including with currencies from major developing countries. This is essentially a call by the United Nations for a move away from the US dollar, a move that portends major international conflicts over the role of the dollar as the global reserve currency.<\/em><\/p>\n<\/p>\n\t\u00bbThe report underscores the predatory and destructive character of the US ruling class’s exchange rate policy, which is rooted in the interests of its oligarchic financial elite. Through a decade of lax monetary policy, the United States government succeeded not only in creating a catastrophic financial bubble that plunged the world into depression, but consistently devalued the dollar against other currencies. This process has intensified since the crisis, as the Obama administration seeks to subsidize American export businesses, which have utilized the fall of the dollar to bolster their competitiveness<\/em><\/p>\n<\/p>\n\n
dedefensa.org<\/em><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"Le dollar vacille (refrain) Depuis au moins d\u00e9but 2009, la chronique du vacillement du dollar est fournie, suivie, g\u00e9n\u00e9rale, sans jamais de v\u00e9ritable apaisement. Encore plus que l’effondrement du dollar, de son remplacement \u00e9ventuel, de son mariage \u00e9ventuel avec d’autres devises, c’est cet \u00e9tat an\u00e9mique permanent et les bruits constants de menace sur son sort… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14],"tags":[3907,3396,9686,7794],"class_list":["post-73057","post","type-post","status-publish","format-standard","hentry","category-ouverture-libre","tag-destructuration","tag-dollar","tag-erosion","tag-termites"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/73057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/comments?post=73057"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/73057\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=73057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=73057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=73057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}