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Every currency is de facto pegged to the dollar, so when the dollar collapses, it is actually boosted over other currencies, because other currencies collapse quicker.
The euro dropping below the dollar is actually – counterintuitively – a milestone event in the collapse of the dollar.
RT:
The euro fell below the US dollar on the Moscow Exchange on Tuesday amid fears that the energy crisis will tip the European Union into recession.
The dollar-ruble rate stood at 58.70 while the euro decreased to 58.52 against the ruble, as of 10:56 GMT.
On international exchanges, the euro edged closer to parity with the dollar. In choppy forex trading, the European currency slid to just 1.0001 to the dollar, its lowest level in 20 years. The euro has fallen 12% against the greenback so far this year, as the surge in energy prices in light of the conflict in Ukraine and sanctions against Russia, the continent’s main energy supplier, has hurt European economies.
“For the first time in 20 years, parity has formed between the euro and the dollar as the US currency continues to rise in anticipation of the tight monetary policy of the Federal Reserve,” Yegor Zhilnikov, chief analyst at the Economic and Industry Analysis Department of Promsvyazbank, told RBC daily. “We believe that until the ECB meeting {on July 21}, the dynamics may continue, and the dollar will become more expensive than the European currency,” he explained.
Europe is being hit a lot harder with America’s anti-Russia sanctions than even America is, and these sorts of things cause the government to issue notes to cover costs.
Even with all of these people all over the world trading in their worthless currencies for dollars, the dollar is still falling against every asset of value.
There’s nothing anyone can do. I don’t recommend cryptocurrency. I don’t recommend anything. But you should know that at some point in the future, the dollar is going to start dropping in value a lot faster than it already is.
Maybe the ruble will be a safe haven. roflmao.
