For years, currency analysts have looked for signs of an international monetary “reset” that would diminish the dollar’s role as the leading reserve currency and replace it with a substitute agreed upon at some Bretton Woods-style monetary conference. That push has been accelerated by Washington’s use of the dollar as a weapon of financial warfare,
In my 2014 book, The Death of Money, I wrote, “The United States is Japan on a larger scale.” That was five years ago. Last week, prominent economist Mohamed A. El-Erian, formerly CEO of PIMCO and now with Allianz, wrote, “With the return of Europe’s economic doldrums and signs of a coming growth slowdown in
We all know the outlines of how the Fed and other central banks responded to the financial crisis in 2008. First the Fed cut interest rates to zero and held them there for seven years. Then the Fed guaranteed every bank deposit in America regardless of the $250,000 limit on FDIC insurance. Next the
Almost two years ago, not long after Donald Trump was sworn in, I wrote several articles on the theme that “Trump owns the Fed.” The logic behind this claim was simple. There are seven members on the board of governors of the Federal Reserve System. When Trump came into office, only five of those seats
Attacks on the dollar are not limited to SDRs. The most imminent threat comes from the oldest form of money — gold. Specifically, a combination of gold and digital currency may constitute a potent alternative to the dollar. The fact that Russia and China have been acquiring gold is old news. Both countries have more
For years, currency analysts have looked for signs of an international monetary “reset” that would diminish the dollar’s role as the leading reserve currency and replace it with a substitute agreed upon at some Bretton Woods-style monetary conference. The signs of a reset are everywhere, but at least for now the dollar is still king
In my 2014 book, The Death of Money, I wrote, “The United States is Japan on a larger scale.” That was five years ago. Last week, prominent economist Mohamed A. El-Erian, formerly CEO of PIMCO and now with Allianz, wrote, “With the return of Europe’s economic doldrums and signs of a coming growth slowdown in the United
