Friday, February 7, 2014

Replace dollar with super currency

 

The World Bank's former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.

"The dominance of the greenback is the root cause of global financial and economic crises," Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. "The solution to this is to replace the national currency with a global currency."

Lin, now a professor at Peking University and a leading adviser to the Chinese government, said expanding the basket of major reserve currencies — the dollar, the euro, the Japanese yen and pound sterling — will not address the consequences of a financial crisis. Internationalizing the Chinese currency is not the answer, either, he said.

More @ China Daily

2 comments:

  1. To Hell with that. Can you say underground economy?
    Besides that whole one currency for everyone is working out sooooo well in Europe*Snort*!

    Miss Violet

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    Replies
    1. that whole one currency for everyone is working out sooooo well in Europe

      Awww, it'll work out, we've just got to tweak it like we are doing Communism now..........

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