discuss the future of the US dollar and whether you believe it will eventually collapse and if so, what would cause this, and what likely would replace it and why

discuss the future of the US dollar and whether you believe it will eventually collapse and if so, what would cause this, and what likely would replace it and why

The US dollar is considered the dominant currency in the world today, as it forms the basis for much of the world’s trade and finance. The US dollar emerged as the standard of world currencies after WWll , as the United States became the undisputed world power, militarily, economically and financially. Much of the dollar’s strength was based on its backing by the commodity gold. This tie to gold was finally broken in 1971, under the direction of US President Richard Nixon. The US dollar no longer has commodity backing. This has caused many in the global marketplace to question the future dominance of the dollar, as history has seen the eventual destruction of all fiat-based currencies. Your paper should discuss the future of the US dollar and whether you believe it will eventually collapse and if so, what would cause this, and what likely would replace it and why. Your discussion should also assess the statement that the US government “will do anything to protect the US dollar”. Do you believe this is true or false and why/why not? Your report should investigate what, if any, major efforts the US government has taken in the past to protect its currency, and what – if any- political, economic, or social consequences have resulted.