Tweet
Stocks and commodities are on the rise today as the dollar falls. It's nothing new or surprising.
What is newsworthy is a report from the British newspaper The Independent claiming the dollar's days might be numbered in the oil trading pits.
The story says "secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars." The details on how and what would replace the dollar, according to the report, are still in the works.
Sources aren't named and Saudi officials, among others, are quickly denied the veracity of the report. However, it appears some investors are buying the story based on today's move in gold prices.
As Henry and Aaron discuss in this clip, questioning the U.S. dollar as the global reserve currency makes sense. How long can we print money and increase our debt before other global markets take action? And, how will the Fed manage its exit strategy without causing hyper-inflation?
What is newsworthy is a report from the British newspaper The Independent claiming the dollar's days might be numbered in the oil trading pits.
The story says "secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars." The details on how and what would replace the dollar, according to the report, are still in the works.
Sources aren't named and Saudi officials, among others, are quickly denied the veracity of the report. However, it appears some investors are buying the story based on today's move in gold prices.
As Henry and Aaron discuss in this clip, questioning the U.S. dollar as the global reserve currency makes sense. How long can we print money and increase our debt before other global markets take action? And, how will the Fed manage its exit strategy without causing hyper-inflation?