Lie #9: The U.S. Dollar Is Dead

It won't even be fun saying "I told you so" when the real dollar crisis begins.
Enjoy the illusion while it lasts, though!

Just wishful thinking, but I wish you luck

What part of reducing debt, by spending less and cutting cost, do you fail to understand? We've had enough corporatism and crony-ism. As long as small business has the second highest tax-rate in the world... employment will continue to fall. Keep spinning it! The inflation tax is growing!

Talk about someone in total denial of the facts. The US is bankrupt. Our debt is 840% of GBP today, reference this Forbes article.

http://www.forbes.com/2009/12/18/government-budget-deficit-personal-finance-financial-advisor-network-treasury-debt.html

The only thing keeping the US going is printing fiat money out of thin air.

I suggest you reprogram your mind by stairing at this webdsite. www.usdebtclock.org

Buy Hecla Mining stock ticker HL, and you will be able to keep some of your money from disappearing.

This guy must be linked to the Federal Reserve.

Either that, or he's totally lost his mind.

And Henny Penny got hit by an acorn yet, from her perspective, the sky was falling. Yes, the debt is huge but so are the assets of the United States: It's not as if the debt is backed by nothing and there are ways of dealing with the debt which, over the long term, will still allow some growth and a measure of prosperity. Sure, wWe were living beyond our means and the piper will have to be paid but that doesn't have to mean the end of civilization. Negativity always attracts more attention than a more rational outlook but life will go on and the US will continue to be a relatively wealthy nation for quite a few years. We should count our many blessings.

Did a 3 year old write this article? Anyone who thinks that the dollar is fine, is just plain uneducated. Besides that, wasn't Ron Paul the one who predicted all off this mess? Im thinking this article is actually satire...

Michael,

After reading your three short paragraph blog, filled with errr.. not a single piece of evidence to back up your claim... I'm now more convinced than ever that you're right and Mr, "degree in economics" "called the financial collapse" "brain-damaged" Ron Paul is wrong. Thanks for "stimulating" my mind with this thought provoking in depth analysis of the dollar.

The dollar is the 800lb gorilla of currency and is certainly in no danger of being replaced by some other currency. Why do you think all those foreign governments have held onto the dollars they have gleefully accumulated over the years? There is no doubt that it will suffer soon because of impending inflation but it is still a safer bet long term than any other currency in the history of money.

"it is the only currency in the world for the foreseeable future that can serve as a reserve currency"

Really? Are you not aware that no fiat currency has ever lasted over a long period of time?

"due not just to our economic and political power, but our political system."

Great! That's exactly what we need to do. Threaten other countries to buy dollars because of the economic and political power that we have! And if they disagree? It sounds to me as if you're almost threatening to go to war with another country if they refuse to buy dollars.


How do you explain foreign countries buying up gold by the tons? Obviously if they're getting rid of dollars for gold, they don't have much faith in the dollar, which HAS to be backed by faith since it's no longer backed by anything else.

The US will pay off its debts, Michael Shulman? And you're supposed to be taken seriously here?

We'll be right over here whenever you come back to reality or whatever planet-that's-not-earth you are on. For someone that called Ron Paul "economically brain-damaged" (despite the fact that everything Paul predicted came true due to his understanding in how markets work in relation to monetary policy and government power), Mr.Shulman, you will come to find that the only person brain damaged is you. Or perhaps you just kept your head in the sand while the housing market collapsed.

Oh, lawdy!

Thank you, Michael Shulman. Your eloquent examples, novel length explanations, and colloquial use of insults should net you a Pulitzer Prize! How foolish of me to move my assets out of dollar denominated markets! From this blog alone, my financial rewards will flourish immensely. Heaven forbid I listened to Ron Paul when he predicted the Housing Crash, even if the value of my home plummeted had I not sold. The sentimental value, as is my unwavering devotion to the Federal Reserve, is what makes the real value! Right, right?