Dollar Devaluation and the Working Class

From the World Socialist Web Site

There are growing signs of a major shift in world currency alignments. Since March, the US dollar has steadily declined, depreciating by 13.3 percent on a trade-weighted basis. Last week the decline accelerated, driving gold prices to record levels and prompting a number of Asian central banks to intervene on currency markets to slow the dollar’s fall.

Rather than warning of the implications of this erosion in the value of the world’s major trading and reserve currency, prominent financial publications and economic commentators are arguing that the trend should be welcomed and the long-term value of the dollar should be allowed to fall further.

Read more at the World Socialist Web Site

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