by Geoffrey Pike, Outsider Club:
I continue to maintain that the U.S. dollar is slowly losing its status as the world’s reserve currency.
More steps toward this developed recently. A meeting between the leaders of the BRICS countries resulted in an agreement on a new financial system and currency pool.
American dominance — including the dominance of the U.S. dollar — came about around the end of World War II. The Bretton Woods agreement set something of an international gold standard, under which other countries could redeem gold in exchange for dollars.
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