Tuesday, January 12, 2010

Sarkozy Urges The End The U.S. Dominance: The Monetary Disorder Has Become Unacceptable

From Daily Telegraph: "The monetary disorder has become unacceptable,'' "The world is multipolar, the monetary system must become multi-monetary,'' said Mr. Sarkozy in an call for other currencies to be promoted over the US dollar.

He also said that the dollar's weakness posed a "considerable'' problem for French businesses and should be "at the centre of international debate''.

He also asks for new approaches to capitalism: "we cannot fight in Europe to improve the competitiveness of our businesses ... and have a dollar that is losing half of its value''.

Nobel Prize-winning US economist Joseph Stiglitz, agrees, sayig he "articulated ... some of the problems with the global financial system, the currency and how it is putting Europe at a disadvantage,'' "A dollar-based system ... might have made sense in the 20th century but doesn't make sense in the 21th century.''

The USDX chart showing the decline of the US dollar and the buy and sell alerts:

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