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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.”
More from Scott Horton:
No Comment — April 12, 2013, 11:11 am
A new report from Seton Hall University exposes government surveillance of attorney-client conversations
Rashid Khalidi on how the United States sustains the failure of the Israel-Palestine peace process
Alex Gibney on his documentary investigating the Roman Catholic Church’s handling of child sex-abuse cases
Percentage by which the risk of type 2 diabetes increases for every two hours a day that a person watches television:
Two bottled ghosts—of an old man and a young girl—were sold at auction in New Zealand.
The practice of sexualized eyeball licking was causing conjunctivitis in Japanese sixth graders.
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