Thursday, April 21, 2011

"Special Drawing Rights" to replace U.S. Dollar after the collapse

FOREX-

US dollar tumbles broadly;

all-time index low in sight

April-21-2011--NEW YORK--The dollar fell broadly for a third straight day on Thursday as record low interest rates and the crushing weight of the US budget deficit pushed it closer to an all-time trough against major currencies. The dollar's slide accelerated days after Standard & Poor's slapped a negative outlook on the United States' top AAA credit rating. The agency said a downgrade was possible if authorities can't slash the massive U.S. budget deficit within two years.

That prompted investors, from fund managers to foreign central banks that hold trillions of dollars in assets, to opt for anything but the U.S. currency.

"The combination of loose monetary policy and chaos on the fiscal front has people very worried,"

"That fear is being reflected in the dollar.

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