The dollar has no intrinsic value II

A year ago I mentioned that my in-laws were in India November and unlike previous trips, the U.S. Dollar was no longer accepted by vendors.  About a year ago, my next door neighbor was in his home country of Burkina Faso.  In previous years, the premium for exchanging US dollars for CFA (the Franc of French Africa) was reasonable.  But when he was there last summer they started with 16% premium and negotiated from there.

Jim Rogers is right–the US has already lost its AAA credit status.  When vendors and money changers overseas have rejected the reserve currency status of the dollar, small players, then the rest of the world will not be far behind.  My utter rejection of dollar began in January 2009, as documented here.

thanks to Zerohedge

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