Reply #3: India Puts The Boot Into US Dollar [View All]

[ramblin_dave]

http://www.minesite.com/storyFull.php?storySeq=160

Stop Press!!! India Puts The Boot Into US Dollar.

No it wasn’t hindsight. Minews was sitting on Eurostar on the way to Paris last weekend when his eye was drawn to a headline in the Pinker than Pink ‘Un which read as follows. “India to dip into forex reserves to build roads.” Looks innocuous enough, but it was the signal long awaited that the US dollar would finally crack. For a long time now India, China, Japan and a number of other countries have been reinvesting the dollars they have been paid for exports in low yielding US Treasury bonds. India has around US$120 billion foreign exchange reserves and most of that is in these bonds which have been depreciating against the euro, pound and yen.