US dollar - Nobel Prize winner: Dollar reserve system is "falling apart"

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Nobel Prize winner: Dollar reserve system is "falling apart"

Friday, August 21, 2009
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From Newsmax:

A new global reserve system is needed after the global financial crisis exposed the U.S. dollar-based system as flawed and risky, Nobel Prize-winning economist Joseph Stiglitz said on Friday.

The "dollar now is yielding almost zero return," Stiglitz said in a speech at the United Nations regional headquarters in Bangkok. "The current global reserve system is fraying. It's falling apart. The issue isn't whether we go to a new system. The question is do we do so in an orderly or disorderly way."

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More on the U.S. dollar:

Ron Paul: Obama will "destroy the dollar"

Market guru Prechter: Dollar has reached a "major bottom"

Warren Buffett: "Ten years from now, the dollar will buy a lot less than it buys now"

Topics:		US dollar \| Currencies

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