My apologies for my lack of coverage on Barack Obama’s train wreck of a presidency. But have you heard the news that our 401K’s are worth almost nil now? For the first time EVER, the mighty dollar has been upstaged by the yen and the euro as the currency favored by world banks moving us closer to Socialism.
Even as the dollar loses value to worlkd currency, Obama’s well-oiled printing presses continues printing cash in DC. I bet Obama is very excited to hear this news since he thinks America is too arrogant and we need to spread the wealth.
No wonder the lines at the banks are getting longer as nervous customers withdraw their life savings before disaster strikes.
Over the last three months, banks put 63 percent of their new cash into euros and yen — not the greenbacks — a nearly complete reversal of the dollar’s onetime dominance for reserves, according to Barclays Capital. The dollar’s share of new cash in the central banks was down to 37 percent — compared with two-thirds a decade ago.
Currently, dollars account for about 62 percent of the currency reserve at central banks — the lowest on record, said the International Monetary Fund. Read more…
