Dollar Crisis - An American Nightmare.
In the beginning of 1990s world witnessed a giants fall.A multi stated overspread United Soviet Socialist Republic (USSR) dissolved into a number of small countries and later regrouped under Commonwealth of Independent States (CIS).Till then USSR and USA (United States of America) were the super powers of the world.A cold war of long years was continuing between these two power magnets.Due to this the whole world was in a threat of third world war.Both the super powers were fully equipped with all types of weapons including Nuclear Weapons. The situation further grew to a condition that even the dream program Star War.But as a result of former USSR PresidentMr.Gorbachaeve's Glasnost and Perestroika various states under USSR began to declare independence in 1990s and the giant country broke down to many pieces of countries.As a result the Russian currency Ruble also suffered a great fall.
The fall of USSR made USA very happy.They became the one and only one super power of the world.Soon they began to show their original face.They began to act as world police.Whenever an administrative problem occurs in any country of the world, whom they suspect as a threat to them in future , USA put their hands without seeking any one's permission.They boldly threatened the nations showing their military power.They extended their help to fulfill their own selfish needs.When Iraq, one of their former associate to whom they have a small quarrel later , invaded Kuwait USA smelt a golden chance to get oil for their needs.Consequently US extended their helping hands by providing their own army to Kuwait.Thus Iraq was attacked brutally.Many civilians killed in bomb attacks and missile attacks.The protests from all over the world didn't enter the dumb years of US.Even the warning given by United National Organisation (UNO) was flown in wind.At last UN bowed their head in front of US.
After Gulf War the business eye of US spread all over the world like an eagle's eye.They realised that no other power exists in world to challenge them.Wherever they have to exploit something , US offered their military assistance.The ongoing attacks on Taliban in Afganisthan is not to rescue that country from civil wars but to ensure the easy and helpful passage of various materials from south eastern countries and India.Also US had already calculated the depth of oil fields of Gulf and had pointed out new sources of oil.The way to them is to be cleared in advance.That is what is done by them now.
America act as world police based on two things.One is their attacking minded foreign policy.The second one is the power of Dollar. Dollar is not only the currency of USA but also the currency of the world.That is the situation for a long.Dollar known as the powerful and consistant currency of the world.Almost 70% of the world Currency Reserve (Foreign Exchange Reserve) is in US Dollars.
But, recently the world polices have a set back in two ways.First one is the awarding of Nobel Prize to their president Barak Husain Obama.The award committee says this is for his initial steps for world peace.We have to wait and see whether it is a feather in his cap or a thorny crown.He has to be aware of his tongue always unlike the former presidents who were free to speak anything.Along with the discussion of Obama's Nobel Prize another very important and hot news on stand is the Dollar Crisis.Within the last 7 months (Obama came to power only 10 months ago) dollar had fell down by 17%.If a 6% more fall occur further it will create a new history.Regarding a currency the present fall itself is a deepwell fall.
It is very interesting that the current flu had caught only US Dollars.In the world there are many countries with dollar as its currency like Canada ,Australia etc.But Australian Dollar and Canadian Dollar are improving their states day by day while the US Dollar going down.
The fall of US Dollar is said to be set an Economical Tsunami. Like tsunami affected countries many companies in US had badly affected by recession.Many methods have been adopted by financial bodies and government to rescue the companies from fall.The flu that affected dollar emphasise that USA's inner economy is a blank cheque.This will result in getting down of US Dollar from the world currency position.The Organisation of Petroleum Exporting Countries (OPEC) had publicly demanded to stop the publishing of oil price in dollars.It is exciting that when dollar descends EURO is consistant in market.
The US Exporting Industry is facing crisis due to fall of the dollar.Economists and business observers point that the dollar crisis may lead to a recession that affects US only.The US economy is tightly related to foreign credits also.US has a deficit of 13.5% of total home production which is a high deficit compared to other developed countries.
Anti Obama wing had even made a slogan - "weak Dollar , weak America ".According to them the present situation aroused due to the failure of ruling government.Eventhough the crisis run back to the predecessor of Obama he can't keep silence more on this matter.He has to regain the power of dollar and to prove himself as the best president of USA.
The fall of dollar brings happiness to all other currencies.But China mourns on the fall of dollar from super status.China is highly anxious on Dollar Crisis.They have more heartpain than US Treasury Secretary!!China constantly reminds US to be aware of their dignity and to keep the promises.The reason is nothing but China has 2270 Billion forex reserve out of which 70% is in US Dollar.Definitely the Dollar Crisis will drown the Chinese economy also.
If the current scenario persists EURO will conquer the world currency market expelling USdollar in near future.It will put US economy to an ever great crisis.If it happens US will have to run for IMF and world bank loans like the third world countries of Asia and Africa.Think of such a situation !!!
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