In 1988, the UK magazine, The Economist forecast
- that 2018 would be the year of a new world currency
- which they named the Phoenix.
- Quite a mind boggling prediction 30 years ago,
- especially since 2018 looks like a year when a major currency upheaval could take place
- The demise of the dollar as the reserve currency of the world is a certainty.
- It is only a question of when it will take place.
- The dollar does not qualify as the rock of the world currency system.
- Since the gold backing of the dollar ceased in 1971, it has lost 98% in real terms when measured against gold.
- But also against most currencies, the dollar has lost greatly.
- In Swiss francs for example, the dollar is down 77% since 1971.