Word: nondollar
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There is something else we use every day that, like gold, has no inherent value: cash. Of course, there's a major difference between gold and cash: unlike the dollar, the nondollar value of gold won't be significantly impacted by the U.S. government - only its price in dollars via the government's impact on the dollar...
Schiff owns Euro Pacific Capital, a smallish firm that specializes in moving clients' money into nondollar assets like foreign stocks and bonds. Over the past couple of years, he has become a regular, hectoring presence on cable-TV business shows--on CNBC they call him "Dr. Doom." Now he has a book out, ominously titled Crash Proof: How to Profit from the Coming Economic Collapse...
...devalue the U.S. dollar. Emerging from an extraordinary Sunday meeting at the Plaza Hotel in New York City, Treasury Secretary James Baker and finance ministers and central bank governors of Britain, France, West Germany and Japan appeared before TV cameras with a major announcement. "Orderly appreciation of the main nondollar currencies against the dollar is desirable," said the five, and they "stand ready to encourage this." Blunt translation: the greenback is grossly overvalued in terms of how many pounds, francs, deutsche marks and yen money traders will exchange for it, and the five intend to cut the buck down...
What the Saudis could do, however, is put a growing share of their monthly income from oil sales-and/or part of the interest from their present greenback holdings-into nondollar investments. So far, they have not shifted enough to hurt the dollar, though at times they have been tempted. At the height of the dollar-selling panic last month, stories floated around the currency exchanges that the Saudis were considering heavier nondollar investments. Then Jimmy Carter announced his Nov. 1 save-the-dollar program of price-bolstering purchases and high interest rates, and the reassured Saudis rushed to help...
...Sliced into the huge stocks of Government-held farm surpluses by negotiating an agreement with Brazil under which 1) the U.S. will sell the Rio government $138,700,000 worth of the surplus, most of it ($111,000,000) in wheat; 2) Brazil will make payment in nondollar currency, i.e., cruzeiros; and 3) the U.S. in turn (under the terms of the 1954 Agricultural Trade Development and Assistance Act) will use the currency to finance economic and other development projects in Brazil...