Overview

Sixty years ago, economist Robert Triffin warned that the U.S. dollar could suddenly drop in value, if the United States used the dollar as the world's reserve currency. America's leaders, determined to obtain as much power as possible, insisted on internationalizing the dollar. They flooded world markets with dollars, initially backed by gold. When they ran out of gold, the United States backed the dollar by means of oil from the Middle East.Today, Triffin's warning is as prescient as ever. The U.S. dollar is unstable, and could collapse in value. This is due to how the world economy is set up. The dollar's value is based on a monopoly on the sale of oil, that the United States defends by military power. If the world's oil markets were to reject the dollar, and price oil in an alternative currency, the value of the dollar could plummet overnight. If this happens, the price of gasoline and other goods imported to the United States could double, causing chaos in America.In this book, Elliott J. Schuchardt, explains the danger to the United States. He offers solutions to the problem, and provides advice to Americans seeking to navigate the coming transition in the world's reserve currency.

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