The american rappers always show-off with DOLLARS, but now they have switched to EURO.

is this the begning of end of DOLLARS?

Wads of dollar bills are usually as much a part of rap videos as fast cars, diamond-encrusted jewellery and scantily-clad models.

But in an apparent nod to the low value of the dollar, rapper Jay-Z's new video Blue Magic features another currency.

http://news.bbc.co.uk/2/hi/business/7097736.stm

China's reluctance to revalue its currency and the sliding dollar had also come under the spotlight at two-day summit of G20 members.

China has been under mounting pressure from the United States and other trading partners to allow its tightly controlled yuan to strengthen to correct global trade imbalances.

http://news.bbc.co.uk/2/hi/business/7100720.stm

New Delhi, November 16: Indian authorities have ruled that tourists visiting the country's monuments must pay at a fixed local rupee rate rather than in dollars to shore up revenues as the greenback falls against major currencies.

http://www.expressindia.com/latest-news/Thanks-but-no-thanks-India-curbs-tourist-dollars/239874/

@Mckren,
interesting update from India,

the handwriting is on wall. I hope we dont wake-up one day and $50bill reserve is worthless.

babasin:

the handwriting is on wall. I hope we don't wake-up one day and $50bill reserve is worthless.

You dey complain about our $50bn,China holds $1.4 trillion of reserves.Other nations hold about $4 trillion in reserves.It is effectively in everybody's interest that the US dollar doesn't sink fast.

All we should do is diversify our reserves.While dollar might be falling today,because the economic fundamentals are more solid in the US than for the EU,the EURO might be falling in 5 or 6 years time.So you never know what might happen.The key thing is not to have all your eggs in one basket.

I wouldn't be worried about the dollars slide.

I put it down to the activity of currency speculators especially from the hedge fund business.

While the fundamentals support a devalued dollar, the markdown has been far too excessive.

Expect a similar upward swing when the dollar starts to make its recovery.

In the meantime, make una diversify o, as should have been the case from the start.

Well, for now, the Euro is the best international trading currency in the world. More countries use it as their national currency, it is very stable, the issuing countries have very strong economies and also has a high value. These are the features of a good currency. These were the features of the dollar when it became the preferred international trading currency of the world.

Since things have changed, we need to change to the Euro.

China has its more than $1 trillion worth of foreign reserves in various currencies, not just in dollars. It is only countries like Nigeria, with our magic Central Bank Governor, that has chosen to put all its eggs in one basket.

before we start rejoicing over the fall of dollars, we shld find out the implications on our own lives and the life of our country.
one shld be asking, is it to my advantage of disadvantage? not just celebrating ones' death.

if nigeria is an Exporting country we should be sad about it, but since we are mostly importers the vice versa

Yes, very true. Since we are not a major exporter of manufactured goods, then the fall of the dollar is very much to our benefit and so we should rejoice.

Yeah Denex
You know, the fallof the dollar will affect us if we are exporting because the price of goods we exprot will be too exhorbitant to buy for People in the us.

Well, thank God the only good we export to the USA is crude oil which is an essential commodity that no matter how high the price goes, they must buy.

Our main concern is to stop using an unstable and depreciating currency to trade internationally.

doyin13:

I wouldn't be worried about the dollars slide.

I put it down to the activity of currency speculators especially from the hedge fund business.

While the fundamentals support a devalued dollar, the markdown has been far too excessive.

Expect a similar upward swing when the dollar starts to make its recovery.

In the meantime, make una diversify o, as should have been the case from the start.

Good contribution. My own conspiracy theory (please don't crucify me) is that the devaluation is driven by speculators who will definately hedge their positions (currency options and swaps) because of the subprime wahala which are in dollars attempt to reduce the value of this holdings which is causing them to loose, make substantial gains and speculate back in favour of the dollars after a while.

Though the fundamentals suggest a devaluation, the way its going suggest an invincible hand at work. This investment banker and traders are not happy, they don't want to loose alone.

I hope our govt have hedged the reserves (i have a bit of confidence in Soludo he would have) so theres really nothing to worry na only premium we go loose, which we would have lost anyway.

There was an excellent article in the Times about the falling dollar:http://www.timesonline.co.uk/tol/comment/columnists/gerard_baker/article2925872.ece

who said we are not exporting? and what are we importing?
remember our economy depends fully on oil which is still an export and it is basically to the usa.

For anyone intending to hastily unload their dollar liquidity as the almighty US green-back falls from favor with international traders, kindly send your bulk dollar currency billets to the following address for proper disposal.

Professor Zokudi Egobia
419 Owotutu Darisodomi Boulevard
Mushin By th'Sea
Lagos Nigeria

Jakumo:

For anyone intending to hastily unload their dollar liquidity as the almighty US green-back falls from favor with international traders, kindly send your bulk dollar currency billets to the following address for proper disposal.

Professor Zokudi Egobia
419 Owotutu Darisodomi Boulevard
Mushin By th'Sea
Lagos Nigeria