Word: dollarization
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...years we've been hearing that the U.S. dollar's days as the world's dominant currency are numbered. Remember when the yen was going to supplant it? Then came the euro. Next up: the yuan...
...maybe not. In the past few weeks, another rival to the dollar - created in 1969 but dormant for most of the time since - has made a spectacular re-entry onto the world scene. It goes by the ungainly name of special drawing right (SDR), and it is the currency not of some foreign rival but of the Washington-based and traditionally U.S.-dominated International Monetary Fund (IMF). It isn't even really its own currency, since it derives its value from a "basket" that contains dollars, euros, yen and pounds. (See 25 people to blame for the financial crisis...
...sure has become popular. In late March, the head of China's central bank made headlines by arguing that the time had come for the SDR to supplant the dollar as the world's "supersovereign reserve currency." A few days later, a U.N. task force recommended the same thing. Then U.S. Treasury Secretary Tim Geithner endorsed giving SDRs a bigger role. After the dollar fell in currency markets in reaction, Geithner backpedaled. But at the G-20 meeting in London, President Barack Obama joined the assembled heads of state in agreeing to a nearly tenfold, $250 billion increase...
...Beijing Replacing the Dollar? In a sign of growing concern over the U.S. economy, the head of China's central bank proposed implementing a new currency-reserve system that could ease the country's reliance on the dollar. Experts say the move underlines China's desire to take a leadership role in the global response to the financial crisis. Still, few analysts expect the dollar to be replaced by what Zhou Xiaochuan called a new "supersovereign reserve currency" in the foreseeable future. China, which holds nearly $2 trillion in foreign-exchange reserves, is the U.S.'s largest creditor...
...resolution, motioned to vote on the resolution at a later meeting. “[Harvard’s] behavior is not Veritas behavior, it is embarrassing and pitiful,” said Reeves. “It’s just not fair for a multi-billion dollar university to take bread out of children’s mouths. Hopefully we can see some more enlightened leadership in the future.” Harvard’s offer of early retirement may be perceived as coercive by workers who feel pressured by the possibility of layoff, said Stephen A. Helfer...