No Comment — March 22, 2009, 12:08 pm

Will the Dollar’s Days of Glory End?

What would happen if the world markets began to move away from the dollar as a reserve currency? Reuters reports:

A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar…. Russia is also planning to propose the creation of a new reserve currency, to be issued by international financial institutions, at the April G20 meeting, according to the text of its proposals published on Monday.

It has significantly reduced the dollar’s share in its own reserves in recent years.

The silver lining for the United States might be better control over its own economic policy:

United States was concerned that holding the reserve currency made it impossible to run policy, while the rest of world was also unhappy with the generally declining dollar. “There is a moment that can be grasped for change,” he said. “Today the Americans complain that when the world wants to save, it means a deficit. A shared (reserve) would reduce the possibility of global imbalances.”

Share
Single Page

More from Scott Horton:

From the April 2015 issue

Company Men

Torture, treachery, and the CIA

Six Questions October 18, 2014, 8:00 pm

The APA Grapples with Its Torture Demons: Six Questions for Nathaniel Raymond

Nathaniel Raymond on CIA interrogation techniques.

No Comment, Six Questions June 4, 2014, 8:00 am

Uncovering the Cover Ups: Death Camp in Delta

Mark Denbeaux on the NCIS cover-up of three “suicides” at Guantánamo Bay Detention Camp

Get access to 165 years of
Harper’s for only $45.99

United States Canada

CATEGORIES

THE CURRENT ISSUE

June 2015

Loitering With Intent

= Subscribers only.
Sign in here.
Subscribe here.

A Polite Coup

= Subscribers only.
Sign in here.
Subscribe here.

Findings

What Went Wrong

= Subscribers only.
Sign in here.
Subscribe here.

Shooting Down Man the Hunter

= Subscribers only.
Sign in here.
Subscribe here.

view Table Content

FEATURED ON HARPERS.ORG

Article
What Went Wrong·

= Subscribers only.
Sign in here.
Subscribe here.

“In the seventh year of his presidency, Barack Obama was presenting himself as a politician who followed the path of least resistance. This is a disturbing confession.”
Photograph by Pete Souza
Article
Surviving a Failed Pregnancy·

= Subscribers only.
Sign in here.
Subscribe here.

“If this woman — who spent her days studying gray screens for early signs of gestation — could not see my pregnancy, what were the chances that anyone else would?”
Illustration by Leigh Wells
Article
Interesting Facts·

= Subscribers only.
Sign in here.
Subscribe here.

“My husband is forty-six. I am forty-five. He does not think that, in my forties, after cancer, chemotherapy, and chemically induced menopause, I can get pregnant again, but sisters, I know my womb. It’s proven.”
Photograph by McNair Evans
Post
Kid Chocolate’s Place·

= Subscribers only.
Sign in here.
Subscribe here.

“Cuban eyes often look close to tears.”
Illustration by the author
Article
Thirty Million Gallons Under the Sea·

= Subscribers only.
Sign in here.
Subscribe here.

“If you short-circuit the bottom, you threaten the entire cycle,” Joye told me. “Without a healthy ocean, we’ll all be dead.”
Illustration by John Ritter

Length in days of the sentence Russian blogger Alexei Navalny served for leading an opposition rally last year:

15

Israeli researchers developed software that evaluates the depression of bloggers.

A teenager in Singapore was convicted of obscenity for posts critical of Lee Kuan Yew, the country’s founding father, that included an image of Lee having sex with Margaret Thatcher.

Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!

HARPER’S FINEST

Subways Are for Sleeping

By

“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”

Subscribe Today