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Alan Blinder vs. Peter Schiff: When Will the Dollar Lose Its Reserve Status?

Posted Nov 26, 2009 09:00am EST by Peter Gorenstein in Investing, Recession
Related: uup, udn, spy, dia, gld, gdx

The almighty dollar ain't what it used to be.

The decline of the dollar was one of the topics of debate Sunday night when St. Louis Fed President Jim Bullard and former Federal Reserve Vice Chairman Alan Blinder faced off against longtime gold bug and dollar bear Peter Schiff at a panel hosted by Princeton's Business Today.

Bullard, who doesn't often discuss the dollar, does have hope for the greenback. When the world was in full panic mode last year, Bullard notes the dollar actually gained value in a "flight to safety" trade, even though the Fed was flooding the market with supply.

While that may be true for now, Blinder "can imagine the Chinese currency being the dominant reserve currency in the world in 30, 40, 50 years from now."

Peter Schiff, in predictable fashion, says the dollar's day of reckoning is coming much sooner than they think, citing artificially low interest rates and America's rising debt obligations.

Like what you see here? Check out our earlier interviews from the event: 

 

 

 

 

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