Thursday, March 19, 2009

Pressure Mounts on the Dollar

There are various attacks on the U.S. dollar at the moment, including:

  • 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
  • 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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2 comments:

  1. PurpleMarch 19, 2009 at 11:30 PM

    A basket of currencies wouldn't survive the first world recession. Who decides the composition of the basket ?

    ReplyDelete
  2. AnonymousMarch 23, 2009 at 11:20 AM

    China does.

    ReplyDelete

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