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The Collapse Of Dollar Shows "The Biggest Damage Right Now Is To The U.S. Brand"
'What we are going through now is worse than when former President Nixon took us off the gold standard in August 1971,' strategist says. The mighty dollar, ordinarily a safe haven during times of market-based stress, is falling apart and its ongoing year-to-date slide is pointing to a much bigger problem for all U.S. assets."What we are going through now is worse than when former President Nixon took us off the gold standard in August 1971," said Marc Chandler, the New York-based chief market strategist for Bannockburn Global Forex. "The biggest damage right now is to the U.S. brand," he said, likening the harm done by tariff-driven volatility to the Coca-Cola Co.'s 1985 move toward "New Coke," a reformulated version of its famous drink, which led to consumer backlash.As of afternoon trading in New York, the ICE U.S. Dollar Index DXY, a measure of the U.S. currency against a basket of
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