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News Link • Currencies

Dollar Replacement Beat Goes On ... and On


Expert: U.S. should 'give up on the dollar' – The push to replace the U.S. dollar as the world's reserve currency has been gaining steam, with one expert arguing that America "must give up on the dollar." In a Financial Times op-ed, Michael Pettis, a finance professor at Peking University, said U.S. policymakers should lead the charge to create a more diverse reserve system, "in which the dollar is simply first among equals." The dollar has been the dominant reserve currency for decades, with central banks and other institutions around the world amassing vast reserves. Pettis argues that this has resulted in dangerous trade imbalances that threaten to destabilize the global economy. – CNN

Dominant Social Theme: Get rid of the dollar and all will be well. An "expert" says so.


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