Dollar: the international currency of the 21st century
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As the international currency par excellence for the past seventy years, the dollar is under the control of a single country, which seems worrying to many observers. Even more serious, we are told, is that this country, the United States, is the world's largest debtor. But the dollar is not about to lose its global influence, for one simple reason: there is no substitute currency. Neither the euro, nor the Chinese yuan or the Indian rupee can replace the dollar as an international currency. The only scenario that could radically alter the status of the dollar would be if the U.S. administratio...
As the international currency par excellence for the past seventy years, the dollar is under the control of a single country, which seems worrying to many observers. Even more serious, we are told, is that this country, the United States, is the world's largest debtor. But the dollar is not about to lose its global influence, for one simple reason: there is no substitute currency. Neither the euro, nor the Chinese yuan or the Indian rupee can replace the dollar as an international currency. The only scenario that could radically alter the status of the dollar would be if the U.S. administration adopted economic policies so disastrous that they would permanently destroy any confidence in its value. In addition, the Federal Reserve would have to prove itself powerless to stop a sharp and continuing rise in US prices.
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