The most likely scenario for the dollar’s demise as the global currency involves a gradual decline in U.S. political and economic power, accompanied by increasing instability in U.S. governance and monetary management.
If the dollar were knocked off its perch, every American would face economic hardship. The cost of imports would rise, spurring rapid inflation. The purchasing power of any financial investment denominated in dollars would collapse.
For anyone considering applying for a long-term residency permit in a foreign country, however, all is not lost. In fact, the environment is arguably more suitable now for people of independent means than it ever has been.
Global doors are still open to people who fit the bill. But the emerging paradigm will be based on more than just cash. Applicants will have to prove suitability under broader, more subjective criteria.
One reason so many Irish Americans are exercising their right to citizenship in their ancestral homeland is that it’s a better economic environment. If you’ve got enough Irish in you, applying for a second passport from the Emerald Isle could be your ticket to future prosperity.
My team and I are currently working on two exciting projects that will go beyond just talking about global diversification and second passports. We're going to offer you concrete ideas and tools to pursue them practically.
The bottom line is that when it comes to global mobility, you are your country and its passport. If you're trying to preserve and grow your options, you need to think about a lot more than just how quickly you can get a new one.
Recently I’ve been researching the benefits of having a passport from one of the European Union member states. One issue that caught my attention was the relative stability of European banks vis-à-vis their U.S. counterparts… certainly a timely topic!
The U.S. and its citizens derive enormous benefits from the faith other countries place in our economy and our ability to manage it appropriately. Without that faith, our economy would be far smaller, and we’d pay much higher prices for goods and services.
These days, I never travel anywhere without both of my passports. You just never know what's going to happen in this crazy world, and having two travel documents doubles my chances of getting out of a tricky situation.