America Beyond Dollar

Image by World Economic Forum via Flickr

What was considered impossible before seemed becoming a reality today for the United States of America. Thoughts of changing the “Global Currency” is on the way. This was observed from various sources as the center talks between primary leaders of different states around the world.

With almost $10.6 Trillion debt, America, now the largest debtor in the world could no longer pretend to remain in the apex of economic and political supremacy for a number of decades in the future. Emerging economic powers are sprouting like mushrooms, such as China, Japan, Russia and other economies in the South East Asia, pausing major challenge to the economic dominance of the US.

The possibility of having the dollar dominance com to a close and the creation of another global economic order is almost on the way; although it could mean a big alteration to the existing global order.

Economics and politics are inseparable; one depends from and determines the other. The continued economic decline of the US is something the members of the first world are taking a serious assessment. America has to inflate her economy to maintain economic supremacy.

What happen if there will be a change in global currency? For most Americans, this is the least scenario that they expect in the future; a thing that they could not accept. It means a change in world leadership and corresponding shift on the lifestyles of every single ordinary American citizen.

Image via Wikipedia

Under the current economic order, non-dollar using countries have to buy dollars in order to engage trade with other countries. Their economy will be greatly dependent on the condition of dollar in the world market. On the other hand, American economy is assured with her dollars, in spite of any changes in currency situation in other countries.

Continued devaluation of the dollar will seriously jeopardize the financial interest of the leading creditors of America, like China. Much of huge American debts are owned by China and Japan.

American lifestyles will be altered. Gone were the days of cheap commodities and luxurious living. America could no longer claim the best and highest comfort in the whole world.  Import oriented American economy has to make drastic adjustments to survive in the global financial competition; otherwise, her influence over major global policies and condition will be substantially reduced.

Truly, therefore, America is losing the pride of her honor. Just as her predecessors in the past, Rome, Great Britain and Germany; America has already reached the zenith of her dominance. There will be nothing more to America in the future but to approach her humiliating economic and political decline.