A new global currency should replace the US dollar as the international reserve currency, as the long-term deterioration of America’s economy and the greenback is fuelling a “currency-regime crisis”, says Martin Wolf, associate editor and chief economics commentator of the Financial Times.
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For all his honorary doctorates, Wolf is still naive about the ways of the world. Also, his distrust of the markets ability to find a reserve currency on its own is evident. He forgets gold. Ofcourse, it is a barbaric relic. He believes the dollar can be replaced with a global paper currency -probably centrally managed by well meaning bureaucrats. Can I have what he is smoking?
on Jan 28, 2010