Prophecy in today's headlines

Chinese President Hu Says U.S. Dollar is a ‘Product of the Past’

Chinese President Hu Jintao emphasized the need for cooperation with the U.S. in areas from new energy to space ahead of his visit to Washington this week, but he called the present U.S. dollar-dominated currency system a “product of the past” and highlighted moves to turn the yuan into a global currency. Read More

UN Panel Welcomes Debate Over New Global Reserve Currency

Editors Note – For those keeping score… This makes it 3. Russia, China and now the UN have each announced  advocating a move to a global currency at the  upcoming  G20 conference. The head of a United Nations expert panel discussing solutions to the financial crisis on Thursday welcomed the debate over a new global […]

Dollar Spirals Downward

The world’s biggest currency-trading firms say the dollar’s appeal as a haven amid the financial crisis all but evaporated. The U.S. currency slid to a 13-year low against the yen today and had its biggest one-day decline versus the euro after the Federal Reserve reduced its target interest rate yesterday to a range of zero […]