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Friday, 18 September 09:54 (GMT -05:00)

Business And Politics News

US Default Threat May Force USA Into Confiscating Dollars


What will the USA do if Barack Obama fails to compromise with the opposing majority in the US Congress until October 17th? There will be a technical default on the US public debt attended by the collapse of the US Dollar, US stocks and the entire US economy as well as some other nightmares that President Obama will never let happen.
What trump card does Obama have up his sleeve? A famous Ukrainian expert Andrei Blinov shocked the public by suggesting the idea that in the worst-case scenario the USA will have to… confiscate dollars!
Blinov: Obama Will Crush the US Economy
As we previously told you, the USA is busy printing new $100 bills. At the same time, there are rumors that old $100 bills are about to stop being legal tender in the near future. In essence, this is a kind of the famous confiscation reform conducted in the USSR in 1991 right in advance of its disintegration later that year. At that time, the Soviet Minister of Finances told everyone that old and new bills will be legal tender simultaneously for a long period, which certainly wasn’t the case.
It well may be that Obama’s administration decided to apply the same policy. This what Andrei Blinov thinks on the matter. He says that the major reason for such measures may be the American society spoiled by highly living standards. This leads to a growing necessity to immigrate and getting new resources. He says the US government has been trying to win the Americans’ hearts and minds by continuously increasing their living standards and building a “socialist” (in essence) social system, which led to the situation when the public debt exceeded the GDP. Yet the debt keeps goring, thereby widening the gap!
The bubble has been inflating for years. That is why the US economy has found itself ready to fall into another abyss. Some exerts share his standpoint, saying that such polices eventually lead to major consequences. They are convinced that Obama will eventually destroy the US economy since his populist decisions and policies leads the USA temporary and inefficient solutions, whatever decision on the US budget and debt ceiling is made. The US Dollar will eventually have to face the same shocks. At this point, it is unclear where is the true debt ceiling for the USA! 50 trillion dollars? 100 million dollars? It seems like the USA will never stop raising the debt ceiling…
Experts on Confiscation Probability
According to Eugene Olkhovsky, Masterforex-V Academy’s leading experts in financial markets from Canada, the probability of the US government confiscating dollars is around zero. It is incorrect to compare the USSR’s policies to those of the USA.
The USA cannot afford a default since it will lose the global domination in many spheres.

Moreover, the entire world store their currency reserves mostly in US dollars. Therefore, all those talks about the confiscation of dollars is nothing but a fantasy. The current debt ceiling issue will be resolved at the 11th hour.

Meanwhile, the USD index (DXY) keeps developing the mid-term downtrend started not so long ago. The price is fluctuating around 80,49. The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of DXY:



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