Article

2009-08-21 Economy

Stiglitz Sees Risk to Dollar, Need for Reserve System

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Posted by tipper 2009-08-21 03:19|| || Front Page|| [1 views ] Top

#1 We're going to give control of the reserves to China. Right. How about something neutral. Not controlled by politicians. Something that would be the Gold Standard of currency reserves. What could it be?

Posted by Nimble Spemble 2009-08-21 03:39|| 2009-08-21 03:39|| Front Page Top

#2 Any country can have any reserve system they want -- the U.S. is not going to dictate it must be in US dollars. If the the Chinese currency really was safer, countries would already be using it. Perhaps there is something, like China's internal debt situation perhaps, that makes international treasury official make a choice inexplicable to the good professor despite his Nobel prize.

Posted by trailing wife">trailing wife 2009-08-21 09:39|| 2009-08-21 09:39|| Front Page Top

#3 A reserve currency is one that is safe and transferable. Right now there are no safe currencies because of global dependencies. So, the fall back is one that is safer. Or in parable terms, the one that is faster than someone else in the group the [financial] bear is chasing.

Posted by Procopius2k 2009-08-21 10:15|| 2009-08-21 10:15|| Front Page Top

#4 #1 - Any country that wants to can go on the sacred Gold Standard. Odd that none of them are currently on it, however.

Posted by Anguper Hupomosing9418 2009-08-21 14:30|| 2009-08-21 14:30|| Front Page Top

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