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Joseph E. Stiglitz -- Farewell to the Dollar as the World's Currency of Choice
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Joseph Stiglitz writes that keeping the dollar as the reserve currency is no longer the option. He tells us that it comes with some hidden costs such as a weaker global economy. Having developing countries keep hundreds of billions of dollars in the US in low interest earning reserves makes no sense considering the needs of developing countries, and the improved prospects for the USA and Europe in exports to a growing developing country economies. He points out that a new global reserve currency, with an orderly transition, may be the most important reform to ensure the longterm health of the world's economy. Its bad for the USA to keep exporting T-bills, says Stiglitz, as it does not create jobs. And its bad for all concerned as it lowers global economic growth. Especially he says when it is so unseemly for developing countries not to use the money to improve living standards in their own countries, with the help of exports from developed countries, that in the end improves global growth and the global future.
Currency issues and U.S.-China trade.
01/23/2009
Trade between the USA and China and currency issues. Obama administration's efforts to address currency issues and fair trade issues with other countries.
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Stiglitz and others talk about how a new reserve currency is needed to improve global growth prospects, in a win-win situation for the U.S. and for developing countries. The dollar as a reserve currency works to the disadvantage of both the U.S. and developing countries.
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