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Is the US dollar losing its clout as the world’s reserve currency? – Sydney Morning Herald
The US dollar has crashed since March, sparking fears that the turmoil in the world’s largest economy and Trump’s bungled response to the coronavirus pandemic could lead to a permanent downgrading of the greenback.
The gold price, which historically has had an inverse correlation with the dollar, hit a record of more than $US2000 an ounce on Monday as risk-averse investors fled the traditional safe haven of US Treasury securities.
In essence, whats occurring is a loss of faith in the US economy, its political system, its competency and in its commitment to the post-war role it has played in the worlds affairs.
Americas squandering of its global leadership and its rapidly deteriorating public finances pro…
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