El-Erian: “Dollar could lose its reserve currency status”

By Prieur du Plessis, on February 28th, 2011 posted in: Dollar, Middle East

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Mohamed El-Erian, CEO and co-CIO of PIMCO, joins Tom Keene on Bloomberg to discuss developments in the Maghreb.

Regarding observations over the past several weeks that the U.S. dollar is no longer the “flight to safety” currency, El-Erian has a very dour outlook on the weakening greenback. He said: “It is a warning shot to America that we cannot simply assume flight to quality, flight to safety. That people are starting to worry about the fiscal situation in the U.S., worrying about the level of debt and what they’re hearing about states and municipalities. I would take this as a warning shot that we cannot assume that we will maintain the standing of the reserve currency as we have in the past.”

Source: YouTube, February 22, 2011.

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