By John Tamny of RealClearMarkets
“I have lost money in sterling. I have lost money in dollars. I have never lost money by holding gold.” – A Scandinavian bank president, Economics and the Public Welfare, p. 254
Now that the dollar has risen from modern lows against most major foreign currencies, many commentators have begun to suggest it is fulfilling its historic role as the world’s reserve currency. Due to greatly heightened uncertainties in the financial world, the dollar is said to be reasserting its strength.
It would be more realistic to say that the dollar’s weakness is presently being masked by what H.C. Wainwright’s David Ranson and Penny Russell once referred to as “another classic run on paper currencies.” The dollar is only strong right now insofar as other currencies are very weak.
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