Central Banks Begin to Abandon Dollar

There’s mounting evidence that central bankers have little faith in the greenback these days. Can we blame them?

There are those who would argue that the financial crisis was caused by over-enthusiastic worship of the Almighty Dollar. Call it brutal financial karma, but that church is looking pretty empty these days.

Central banks start to abandon the U.S. dollar




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Meanwhile, Politico accuses Matt Drudge of focusing on negative stories about the decline of the U.S. Dollar:

Drudge’s interest in the brutal year for the buck is intensifying. According to a search of the website DrudgeReportArchives.com, which is not affiliated with Drudge himself, the Internet pioneer has already posted more stories on the dollar in October than he did the month before, when he posted links to 13 stories about the currency.

“There’s definitely an appetite from a fairly large number of people for these kinds of stories,” said former Bush Treasury and White House spokesman Tony Fratto, who is now a CNBC contributor. “People are looking for cheat sheets for how the economy is doing, and they look to the Dow, the unemployment number and now the value of the dollar.”

Many economists say one reason for the slumping dollar is the strengthening global economy. In the darkest days of the financial collapse last year, investors flocked to the dollar — largely because it is seen as a safe, if low-return, investment in troubled times.

What’s more, there’s one economic upside to a soft dollar: increased exports for U.S. manufacturers. Reporter Nelson Schwartz noted in an article in The New York Times on Sunday: “A weak dollar could prove beneficial to the American economy by aiding long-suffering manufacturers, rebuilding a stronger industrial base and lifting exports even if it makes life harder for trading partners around the world, especially in Europe.”

But that Times article, titled “In Dollar’s Fall, Upside for U.S. Exports,” did not receive a link from Drudge.

Drudge didn't link to a story about how a collapse of our fiat currency is actually a good thing! How dare he only link to stories about how our ruling class of banksters and government parasites are destroying the value of our money. Terrible!