2013-06-30 Dethroning The Dollar - FORBES

[BCB]

"... the dollar-based world currency system is close to the end of its tether.  America’s manufacturing base is too hollowed out and its current account deficits too high for the dollar to stage a turnaround and, without major remedial measures, will face total collapse.

So what comes next? Some people have been pushing the bitcoin. This can be summarily dismissed. As Paul Krugman has pointed, demand for the bitcoin comes almost entirely from speculators rather than commercial users, which does not bode well for the stability of any bitcoin based system. There is also the fact that no serious government has any interest in curtailing its currency-issuing monopoly to accommodate this techie’s pipedream."

http://www.forbes.com/sites/eamonnfingleton/2013/06/30/dethroning-the-dollar-the-yuan-the-bitcoin-and-other-usurpers/

[CurbsideProphet]

Nothing new in this article, just the same old rehash, anyone who follows economics knows this has been talked about forever.  In fact I said the same thing this article says, in this forum, two days ago.

short answer - of course it will. the world doesn't revolve around america.

I agree that the US is not the center of the world, however the international currency of the world is USD.

Isn't that slowly changing to Euro's?

The Euro is in jeopardy of surviving much less becoming the world's reserve currency.  If anything, they may switch to a basket of currencies instead of just the USD but there is zero chance the Euro takes over unilaterally.

[bluemeanie1]

"... the dollar-based world currency system is close to the end of its tether.  America’s manufacturing base is too hollowed out and its current account deficits too high for the dollar to stage a turnaround and, without major remedial measures, will face total collapse.

So what comes next? Some people have been pushing the bitcoin. This can be summarily dismissed. As Paul Krugman has pointed, demand for the bitcoin comes almost entirely from speculators rather than commercial users, which does not bode well for the stability of any bitcoin based system. There is also the fact that no serious government has any interest in curtailing its currency-issuing monopoly to accommodate this techie’s pipedream."

http://www.forbes.com/sites/eamonnfingleton/2013/06/30/dethroning-the-dollar-the-yuan-the-bitcoin-and-other-usurpers/

he's quoting Krugman?  that more or less disqualifies this entire article.

[MagicBit15]

Forbes has been one of the few positive forces for BTC. I think anything that has to do with business they love, or money hahah

I give them props, I always see positive stuff about bitcoin on forbes.

[westkybitcoins]

As Paul Krugman has pointed, demand for the bitcoin comes almost entirely from speculators rather than commercial users, which does not bode well for the stability of any bitcoin based system.

Krugman? Really?

While I'm not on the bandwagon that bitcoin will "destroy the dollar" or anything similar (the Fed seems to be doing a fine job on their own there,) when it comes to economics, you're usually better off taking the opposite of Krugman's statements and using it as a basis for action instead of his actual Keynesian-centered arguments.