US dollar on a fragile foundation witnessing a collapse in purchasing power: Centre for Civil Society
The US dollar is on a fragile foundation witnessing a collapse in purchasing power, shows a book launched by India's leading policy think tank Centre for Civil Society (CCS).
The CCS organised the launch of the book "RIP USD: 1971 - 202X… and the Way Forward" on Friday (28 June) by author Shanmuganathan N at the Constitution Club of India, reads a press release.
The author is an economist, investor and columnist with expertise in Laissez Faire Economics.
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In his book, the author also questions the permanence of established institutions like central banks.
The author, Shanmuganathan, presented his ideas through an engaging presentation that was well received by a diverse audience of professionals and students from various backgrounds.
In his speech, the author simplified concepts on the evolution of money and constructed a careful narrative of how we may be looking at a big financial crisis in the near future.
In his words, "There is a much larger housing bubble than the global financial crisis of 2007, that no one is paying attention to".
He continued, "The US government has just replaced one bubble with another with measures like quantitative easing and this will have a huge impact on commodity prices".
He also recommends individuals to buy gold as a measure against a potential collapse in value of USD.
Renowned author, editor and investor Dr Marc Faber commented on the book saying, "Shanmuganathan's book concludes that we are heading into a major economic financial crisis, and on this we can all agree. The current financial system has grown disproportionately large compared to the real economy and it isn't sustainable."
Economist Christopher Lingle added, "This book is a great contribution to our thinking about a very pressing problem. Central bankers have done a very poor job in trying to preserve the position of the US dollar in the global financial system. Questions raised in this book need to be taken seriously and discussed."
