gold-eagle.com / by Vronsky / December 28, 2014
The table below shows the transition of each reserve currencies (every 100 years or so) and the events that were carried out during each transition. Every transition was a period of great suffering marked by economic hardships, revolutions and wars.
Monetary analyst Cullen Roche of Pragmatic Capitalism sagely observes: “The average reserve currency lasted only 94 years….which is EXACTLY what the USA dollar has lasted!!! Ergo, our greenback is already living on ‘burrowed time’. Consequently, it is plausible, possible and probable the greenback will soon materially decline vis-à-vis other major world currencies. Subsequently, the gold price in US$ will (eventually and inevitably) soar hyperbolically.”
Each country that rose to ultimate global dominance of commerce declined due to an over-saturation point. Fast-forward to today, and there is a remarkably similar situation for the US. The US has 900 military bases in 130 countries and spent over $640 billion in 2013 on military alone. This figure dwarfs all other military spending combined BY ALL OTHER COUNTRIES. The US is no longer the largest creditor nation in the world, but rather the largest debtor nation in the history of the world. China is now the largest creditor nation. Will the 21th century belong to China and the Renminbi/Yuan?