Dollar Upstaged by Euro and Yen

The dollar is being upstaged by the yen and the euro as the world’s reserve currency. According to an article in the New York Post, over the last 3 months central banks “put 63% of their new cash into the yen and the euro -- not the greenbacks -- a nearly complete reversal of the dollar's onetime dominance for reserves.”

The International Monetary Fund said that the dollar is down to 62% of the reserve currency at central banks, which is the lowest on record.

All this printing of trillions of dollars puts the Fed between a rock and a hard place. They are battling a severe recession on one hand and massive inflationary pressures on the other.

Investors and central banks are upset because they are loaning the U.S. money and being paid back with dollars that are worth 10% less just over the past 3 months alone.

This cannot continue. This is why we always say one should always own gold for the long-term!

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