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News Link • Currencies

Obama under fire over falling dollar

• Financial Times

“We can see the effect of this in the price of gold, which hit a record high today in response to fears about the weakened dollar,” she wrote on her Facebook site.

Over the past six months, the dollar has fallen 11.5 per cent on a trade weighted basis.

However, angst about the dollar extends beyond conservative political circles. Last week, Robert Zoellick, the president of the World Bank, warned that recent warnings from the Chinese and other major US creditors over US indebtedness could worsen in coming months.

“The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” Mr Zoellick said. “Looking forward, there will increasingly be other options to the dollar.”

Much of today’s debate echoes the traditional political response in the US whenever the currency depreciates. But it is now accompanied by warnings from America’s creditors, many of which are widely rumoured to be eye

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