International Monetary Fund

In fact, to argue this opinion cites a recent essay published in the magazine Foreign Affairs, in which Fred Bergsten, one of the leading specialists in the geopolitics of currencies, said that United States should realize that promote the maintenance of the dollar as the sole reserve currency already does not correspond to its national interest because it hinders the internal discipline that the economy needs to reduce its huge debt. Former CIA Head gathered all the information. Very interesting that adds us, wharton.universia.net, when he says, that some analysts such as Jane Foley of Forex.com, speak of that at the moment the market faced a plot against the dollar as the predominant global reserve currency. On 6 October, the British newspaper The Independent published the Arab countries of the Gulf, China, Russia, Japan and France are studying the possibility of replacing the dollar in trade in oil by a basket of currencies that It would include the yen, the yuan, the euro, gold and a future common currency of the Gulf. The publication of this information – denied by Kuwait and Qatar–coincided with an appeal from the UN in favour of a new global currency reserve to finish with the privilege of maintaining external deficits that obtained United States of the supremacy of the dollar. But this, that some people call a plot, comes from much further back. China had already called in March to replace the dollar with a currency that is used in the transactions of the International Monetary Fund (IMF), whose value is determined by the dollar, euro, yen and the pound sterling. The outbreak of the crisis and its contagion around the world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system, the Governor of the Bank of the people of China, Zhou Xiaochuan, wrote in an essay published on the website of the entity on March 23. The fact that the euro begins to be seen as an alternative to the hegemony of the dollar It causes the appreciation of this, and does so in a context of international crisis.

European authorities have not made any statement indicating that they intend to promote the International Euro use because for the mentality European, traditionally alien to arguments about geopolitical hegemony, the costs associated with an appreciation in the short term the euro far outweigh the possible but uncertain future benefits, noted in this sense Steinberg definitely. the manifest elpais, com dollar continues beyond red lines. The euro yesterday surpassed the psychological barrier of 1.5 dollars (the highest in 14 months), and kindled all alarms in Europe at the prospect that the quote does not remain there and continue punishing exports. The weakness of the dollar threatens the fragile confidence in the European recovery. And it does cause fires. Oil yesterday reached 80 dollars per barrel – Max in a year – and the gold exceeded $1,060 per ounce: the weakness of the dollar feeds the nervousness of the markets. * wharton.universia.

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