Good idea, but unlikely
Friday, March 20, 2009 at 3:03AM ARTICLE: China backs talks on dollar as reserve -Russian source, By Gleb Bryanski, Reuters, Mar 19, 2009
Not an unreasonable discussion to start, although I think it's somewhat doomed as a concept. I see a future of three big balancing currencies: the dollar, the euro, and some basket version of the yuan (PRC), won (Korea) and yen (Japan). In that world, the other two keep the third from getting too far out of whack. For now, the euro is an alternative to the buck, at almost 30% of the world's total reserve currencies. Ideally, we grow the Asian variant slowly over time.
But jumping ahead to a translating global reserve currency? I just don't see that as the next iteration, even as the discussion must be welcomed.
(Thanks: Terry Collier)
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