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The US dollar has served in the role of world reserve currency since 1944, but there is nothing intrinsic about the US dollar which requires that it – and not some other, new currency – continue to fulfill that function. If anything, the long-term secular decline in the greenback since 2001, coupled with much more [...]
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In a report published Monday, September 7, 2009, the United Nations Conference on Trade and Development acknowledged that the U.S. dollar must be replaced as the world’s reserve currency.
According to this article by Stephen Webster, Heiner Flassbeck, director of the conference, said that the changes currently demanded by the world’s financial systems “rival the scope [...]
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China’s massive foreign exchange reserves are the largest in the world, comprising a total of $2,132 billion or $2.1 trillion dollars’ worth. Of this amount, $1.5 trillion are held in US Dollar-denominated assets such as cash, bonds and treasuries. When you do the math, about 71% of China’s total foreign reserves are in US Dollars. [...]
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Also known simply as a reserve currency, or less frequently, an “anchor currency,” the world reserve currency is more like a vehicle or container – like a 401(k) or RRSP – which can hold a certain currency inside. In other words, there is no essential or necessary world reserve currency. It could be any currency [...]
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Is the supranational currency proposed by Russian President Medvedev for real? At the G8 meeting in L’Aquila, Italy (July 8-10, 2009), Medvedev is reported to have brought a sample of a new “united future world currency” coin minted in Belgium and bearing the words “unity in diversity.”
According to Bloomberg, Medvedev said “the question of a [...]
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China was the first to open the floor for discussion on the continued viability of the US dollar as the world’s reserve currency a couple of months ago. With good reason, since they are now the largest foreign holder of US debt instruments (that’s the paper money the Fed prints out of thin air). Just [...]
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BREAKING NEWS: Less than a week after it was rejected in Europe, Chinese Central Bank governor Zhou Xiaochuan’s controversial proposal for a new global reserve currency has apparently been accepted by the UN.
According to the Sunday Telegraph on March 29, 2009, “A United Nations panel of economists has proposed a new global currency reserve that [...]
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