Thursday, March 19, 2009
Pressure Mounts on the Dollar
There are various attacks on the U.S. dollar at the moment, including:
- The IMF is considering printing hundreds of billions of dollars worth of its own currency
- A U.N. panel will recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies
- The Fed is buying $300 billion (in the first round) of long-term treasuries
- China is saying it will diversify out of the dollar
- The rumor is that both Russia and China are pushing for the dollar to be replaced as the world's reserve currency
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A basket of currencies wouldn't survive the first world recession. Who decides the composition of the basket ?
ReplyDeleteChina does.
ReplyDelete