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1 Jul, 2009 23:43

“No future for dollar as reserve currency”

Dollar has no future as a reserve currency, believes economist Peter Schiff. He says having reserves backed by the dollar is worthless.

“Its [the dollar’s] days as a reserve currency are over. Before the dollar became a reserve currency, central banks held gold as reserves, including in the United States,” Schiff told RT, adding, “The reason that the dollar replaced gold was because the dollar was as good as gold, because it was backed by gold – and foreign central banks could get gold on demand at a fixed rate. It makes no sense having reserves backed by nothing.”