The Phaserl


The Dollar’s Death As Reserve Currency

by Chriss Street, Testosterone

The reign of the United States dollar as the only reserve currency in the world may be coming to an end. Over the last five years, the U.S. centric balance of economic and military power has been destabilized with the crumbling of the social welfare states of the European Union and the rise of the state sponsored capitalist BRICS — Brazil, Russia, India, China and South Africa. After 70 years of the dollar’s supremacy, the BRICS at their summit in Durban, South Africa, have reached an agreement to establish a joint financial institution that would serve the same functions as the American dominated International Monetary Fund and World Bank. With America hurting and Europe terminally burdened by over indebtedness and loss of economic competitiveness, the BRICS appear to be seizing the opportunity to attack the dollar’s preeminence.

As World War II was moving to its end in 1944, the U.S. and 43 allies reached an agreement at the Bretton Woods Conference to organize the International Bank for Reconstruction and Development to finance the rebuilding of Europe.

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1 comment to The Dollar’s Death As Reserve Currency

  • rich

    Lanny Breuer Cashes in After Not Prosecuting Wall Street Execs, Will Receive Approximate Salary of 4 Million Dollars

    It’s official, and former Department of Justice (DOJ) Criminal Division Chef Lanny Breuer is bragging about it. He’ll return for the third to time the white collar (now expanding its clients internationally) legal defense firm of Covington & Burling, but this time at a whopping salary.

    According to the New York Times: “Mr. Breuer is expected to earn about $4 million in his first year at Covington. In addition to representing clients, he will serve as an ambassador of sorts for the firm as it seeks to grow overseas.”

    As BuzzFlash at Truthout has speculated before, one can argue (and the same holds true for Eric Holder, also a Covington & Burling alumni appointee), Breuer was building his value in the marketplace at the DOJ, while Wall Street executives who nearly destroyed the American economy went unprosecuted. And his future value to his old white collar defense firm was dependent, in large part, on him not angering the people who would be the clients of Covington & Burling when he left the Department of Justice. The result, one can contend: no prosecutions of banks “too big to fail” execs as publicly stated as a policy by both Breuer and Holder.

    This isn’t just a revolving door; one can argue it’s a dereliction of legal responsibility by an employee of the people of the United States. One can proffer that it’s a cash-in career move by a resume climber who was careful not to bite the hands that will write the checks that will feed him on a lavish scale.

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