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:

No Comment March 28, 2014, 12:32 pm

Scott Horton Debates John Rizzo on Democracy Now!

On CIA secrecy, torture, and war-making powers

No Comment November 4, 2013, 5:17 pm

The Torture Doctors

An expert panel concludes that the Pentagon and the CIA ordered physicians to violate the Hippocratic Oath

No Comment August 12, 2013, 7:55 am

Obama’s Snowden Dilemma

How will the Obama Administration handle Edward Snowden’s case in the long term?

Get access to 164 years of
Harper’s for only $34.99

United States Canada

CATEGORIES

THE CURRENT ISSUE

May 2014

50,000 Life Coaches Can’t Be Wrong

= Subscribers only.
Sign in here.
Subscribe here.

The Quinoa Quarrel

= Subscribers only.
Sign in here.
Subscribe here.

You Had to Be There

= Subscribers only.
Sign in here.
Subscribe here.

A Study in Sherlock

= Subscribers only.
Sign in here.
Subscribe here.

view Table Content

FEATURED ON HARPERS.ORG

Post
“In Thunupa’s footsteps grew a miraculous plant that could withstand drought, cold, and even salt, and still produce a nutritious grain.”
Photograph by Lisa M. Hamilton
Article
A Study in Sherlock·

= Subscribers only.
Sign in here.
Subscribe here.

“It is central to the pleasure of the Sherlock Holmes stories that they invite play, and that they were never meant to be taken seriously.”
Illustration by Frederic Dorr Steele
Post
My Top 5 Metal Albums and Their Poetic Counterparts·

= Subscribers only.
Sign in here.
Subscribe here.

“1. Death, The Sound of Perseverance (Nuclear Blast, 1998)”
Photograph (detail) by Peter Beste
Article
Found Money·

= Subscribers only.
Sign in here.
Subscribe here.

“I have spent my entire adult existence in a recession. Like most people I talk to, I assume the forces that control the market are at best random and at worst rigged. The auction shows only confirm that suspicion.”
Illustration by Steven Dana
Post
The School of Permanent Revolución·

= Subscribers only.
Sign in here.
Subscribe here.

“The University of Venezuela has provided a consistent counterweight to governmental authority, but it has also reliably produced the elite of whatever group replaced the status quo.”
Photograph © Daniel Lansberg-Rodríguez

Percentage of non-Christian Americans who say they believe in the resurrection of Christ:

52

A newly translated Coptic text alleged Judas’ kiss to have been necessitated by Jesus’ ability to shape-shift.

Russia reportedly dropped a series of math texts from a list of recommended curricular books because its illustrations featured too many non-Russian characters. “Gnomes, Snow White,” said a Russian education expert, “these are representatives of a foreign-language culture.”

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

HARPER’S FINEST