Goodbye to the Dollar?
World currency standards have enormous inertia. But, as the world’s financial leaders, meeting in Washington this month at the World Bank-International Monetary Fund annual meeting, ponder how to intervene to prop up the dollar, they should also start thinking about what to do when the time comes to pull the plug.
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CAMBRIDGE – As the world’s financial leaders meet in Washington this month at the World Bank-International Monetary Fund annual meeting, perhaps they should be glad there is no clear alternative to the dollar as the global currency standard. If the euro were fully ready for prime time, we might well be seeing it’s dollar exchange rate jump to over 2.00, and not just to 1.65 or 1.70, as it seems poised to do anyway. You can’t treat your customers as badly as the United States has done lately if they can go elsewhere.