What Can Replace the Dollar?
Already before the recent US debt-ceiling imbroglio, the dollar had begun losing its luster as a global reserve currency. But, with the euro facing serious problems of its own, what can replace the greenback?
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BERKELEY – For more than a half-century, the US dollar has been not only America’s currency, but the world’s as well. It has been the dominant unit used in cross-border transactions and the principal asset held as reserves by central banks and governments.