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It’s Confirmed, no one Will be Rescuing Your Dollars

By Rocky Vega

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10/05/09 Stockholm, Sweden Even with the US dollar’s deterioration over the past six months, the G7 has decided to let it continue to fall.

Forbes reports today that the G7 “abandons the dollar.” This is despite problems, such as economic instability, that a weakening dollar can cause central bankers around the world.

From the US perspective, there are some benefits associated with a weaker dollar, in terms of increased exports and the possibility of inflating away the massive debt the government is building up so quickly. Of course, it would be better if the US were not creating an enormous pile of debt in the first place.

You can visit Forbes for more details on the G7 and the weakening dollar.

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Rocky Vega

Rocky Vega is a regular contributor to The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.

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