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The US dollar did not come into its present status by award of a panel of judges at some sort of beauty pageant. We got here through the realities of production and international trade and finance over eight or nine decades at least.
The US dollar did not come into its present status by award of a panel of judges at some sort of beauty pageant. We got here through the realities of production and international trade and finance over eight or nine decades at least.
You might want to study the Bretton Woods Agreement in more detail, in addition to US military interventions and currency manipulations.
Quote:
Originally Posted by redguard57
If there was going to be a competing world reserve currency to the US dollar - it would have been the Euro.
Or a unified Asian currency, such as the Chinese and Japanese have been discussing for the last several years.
The US dollar did not come into its present status by award of a panel of judges at some sort of beauty pageant. We got here through the realities of production and international trade and finance over eight or nine decades at least.
You might want to study the Bretton Woods Agreement in more detail, in addition to US military interventions and currency manipulations.
Bretton Woods was a short-term artificial overlay of emergency relief designed to pump liquidity into an area much in need of it. It generally served its purposes and then faded away as it should have. The status of the US dollar in international trade and finance meanwhile existed both before and after Bretton Woods was a factor in anything. Contrary to some memos from space, "military interventions" and "currency manipulations" have not been factors of any significant note at all.
The US produces about 22% of everything that is produced anywhere in the world. We are and long have been the 800-pound economic gorilla in the room as the result. We have also long had heavy participation in global economics. For such reasons of volume, penetration, and conservation of momentum, the US dollar is at the top of the food chain among global currencies and is very likely to stay there for a while.
The Euro had no 20th century history at all, but on the strength of its combined economic output and connections with former colonial areas, it was able to become the second ranking reserve currency in rather short order. The EU has of course managed itself into a situation of some difficulty these days. The international future of the Euro will come under some scrutiny as the result.
The bloom is off the China rose as well, and trade and other sorts of war with Japan (with problems of its own) would seem more likely than that the two will suddenly come together and start some common currency. Anything is of course possible in a speculative world.
the economy is seriously propped up and ther eis no way it can be sustained, unemployment numbers are a shill game, they dont tell you the real unemployment, they only give you the numbe of people who are currently looking for work, not the ammount of people that have given up . its tough.
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