For the first time in 13 years the Canadian dollar fell below the 70 cent U.S. mark on Tuesday. The country's dollar is falling right alongside world oil prices, which dropped to below $30 a barrel, also on Tuesday.
Global and US markets are nervous. The possibility of a US default, however arguable, is costing the US credibility and respect. The public has made it clear it’s had enough. Business is tired of constant crises.
The US dollar (USD) could collapse within the near future. The USD could fall during the months of October or November of 2012 or shortly afterwards. It could be replaced by either a new global or North American currency.
New Delhi -
At a meeting of the world's 5 leading emerging economies, many issues were raised including stepping away from the Dollar as a reserve currency and reform of the IMF. Humanitarian aid to Syria was also discussed.