The dollar has lost 40 percent of its value against the euro, 20 percent against the Canadian dollar and is at its lowest point vs. the British pound in 26 years. This is seriously affecting the U.S. stock market and the role of New York as a financial capital.
The U.S. Treasury has been introducing redesigned $100, $20 and $1 notes as well as redesigned dollar coins and 25-cent coins. Why have we not availed ourselves of this once-in-a-lifetime opportunity to redenominate the U.S. dollar?
The first thing German Chancellor Konrad Adenauer did with the devalued deutsche mark following World War II was to replace it with a new currency. And Charles de Gaulle did the same with the devalued French franc. Both currencies have retained their values remarkably well.If people were given two or three days to accomplish the exchange of old currency and accounts for new, this would constitute a severe blow to stashes of drug money, laundered accounts and other illicitly acquired holdings. And it would stop incipient inflation in its tracks.
Salt Lake City