Monday, September 28, 2009

This looks like a minor story without much serious impact:

Don't take dollar's place for granted: World Bank
WASHINGTON (Reuters) – World Bank President Robert Zoellick said the United States should not take the dollar's status as the world's key reserve currency for granted because other options are emerging.

In excerpts released on Sunday from a speech that he is to deliver on Monday, Zoellick said global economic forces were shifting and it was time now to prepare for the fact that growth will come from multiple sources.

"The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency," he said. "Looking forward, there will increasingly be other options."
That's Robert Zoellick, of all people (nominated to WB by Bush, previously a managing director of Goldman Sachs).


This doesn't come as a great surprise. There's been movement away from the dollar for the last five years. Much of the world (but especially the OPEC members) looked at what Bush was doing with the US economy and military and decided that perhaps the EURO or Reminbi would be a better reserve choice.

Also not a surprise: Yet ANOTHER Goldman-Sachs alumn placed in a position to influence the economy?

By Anonymous Anonymous, at 9/28/2009 5:35 AM  

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