It was a glorious year. The Nasdaq was up 86% and everyone made money. We were a bit worried about what would happen when the VHS recorders and all the global computer systems flashed 0:00:00, but we partied like it was 1999 (Prince).
We also launched the Euro, and it changed everything. Used in 15% of world trade in goods, 30% of all currency transactions, and contrary to prevailing expectations, it is still going strong. For good reason. It takes time to clear the Greenback through the US banking system and it costs money. There are also those who prefer the land in which the Cowboys lost to the Forty-Niners last night, not see everything they are doing.
The proposed union of the Brazilian and Argentinian exchange rates, to be called the “Sur” is yet another attempt at a common monetary union. Other South American countries have been invited to join, many African nations have also been in talks about joining together, and Asia has more currency projects than the rest of the world combined. All of which a strong trend does make.
There is no doubt that politically, economically, and practically the era of total dominance of the US Dollar will come to an end. The problem is when. It took the Europeans 35 years to get their act together, and they already had a union. Cryptos anyone?