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Hugo Salinas Price: Without trade deficits, U.S. dollar can't be world reserve currency
1:04p ET Thursday, March 8, 2018
Dear Friend of GATA and Gold:
Hugo Salinas Price, president of the Mexican Civic Association for Silver, remarking on President Trump's tariffs and potential trade war to eliminate the trade deficits of the United States, notes today that no country can issue the world reserve currency without running trade deficits to spread its currency throughout the world.
Salinas Price writes: "So the exorbitant privilege of the United States, the production of the world's fundamental currency -- which allows it to purchase anything in any amount, in any place, at any price -- produces automatically the fundamental need of foreign countries to undersell U.S. producers."
If the dollar is no longer to be the world reserve currency, Salinas Price concludes, the only replacement will be gold.
His analysis is headlined "Bad Karma Brings Bad Consequences for Those Who Practice It" and it's posted at the silver association's internet site here:
http://plata.com.mx/enUS/More/346?idioma=2
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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