The Old Maid Card
excerpt from Doug Casey's Conversations With Casey
The Chinese have more US dollars than anybody else and are offloading those dollars anywhere they can, for instance in Africa, in exchange for real wealth - natural resources to fuel their future growth. This is a global trend today; we see deals around the world cutting the dollar out wherever possible, such as the one between the Iranians and the Argentines. It's almost like barter. Nobody wants to use the paper of an unreliable third party, so the dollar has become the Old Maid card nobody wants to get stuck with.



In five years the dollar will have lost its reserve status completely. It could be less - two or three. I hate to put such a near-term time frame on something that's so momentous, but that's the way I see it.