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This interview appears in the February 20, 2004 issue of Executive Intelligence Review.
The End of the Dollar System
Is On the Agenda
by EIR Staff
The complete lack of impact on international currency markets, of the G7 finance ministers' and central bankers' Feb. 7 public call for "stabilization" of the dollar, showed the global crisis of the dollar/International Monetary Fund system to be out of control. It was followed immediately on Feb. 9-10 by a further fall of the dollar, and sudden compensatory increases in the global price of oil as OPEC nations cut output due to slackening economic demand. The floating-exchange-rate monetary system has now reached the point where any severe shockﾑa major loss of derivatives contracts in a Parmalat or other big corporate blowout; a sudden acceleration of the dollar's decline; a U.S. interest rate increase puncturing values in the American real estate bubble; a big Third World debtor's default; or a political/military crisisﾑcan bring the financial system to a meltdown.