Power of the dollar - its weakness

Finansy24-01-2008 Power of the dollar - in his weakness, "the current crisis - is not simply a consequence of falling housing market, this is the end of 60-year period of the credit system, based on the dollar as reserve currency", - said yesterday the charismatic financier George Soros. "Not so bad, but the White House needed to think fast on their behavior," - according to Russian experts. According to Soros, he said at an economic forum in Davos, a whole era of the dollar's status as the main currency of world reserves is nearing completion. And blame - the crisis in the U.S. mortgage market. According megainvestora, other countries are now even more unwilling to accumulate dollars. He was echoed by Venezuelan President Hugo Chavez, asserting that the American empire collapsed. Indeed, the crisis in the housing market demand for U.S. assets are significantly weakened. Consequently, the dollar's share in world foreign exchange reserves fell to a record low of 63.8%, according to the report of the International Monetary Fund. In the fourth quarter figure was 65%. At the same time the share of euros in the same period rose to 26,4% from 25,5%.