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World Bank Head Sees Dollar’s Role Diminishing

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  • World Bank Head Sees Dollar’s Role Diminishing

    Here is more evidence, in line with some other comments I've made over the last day, showing the IMF, in conjunction with the BIS, World Bank (its President is Zoellick, whose comments are reported below), and the OECD are taking a position against the Federal Reserve (proponent of a dominant dollar), favoring instead a multilateral world monetary system to replace the Dollars current reserve status hegemony.

    Observe that this is not some Russian, Frenchman or Chinaman saying this (all well known for their willingness to speak contrary to the American position ;)). This is an American and former top level official from the Bush administration.


    Published: September 28, 2009
    WASHINGTON — The president of the World Bank said on Monday that America’s days as an unchallenged economic superpower might be numbered and that the dollar was likely to lose its favored position as the euro and the Chinese renminbi assume bigger roles.

    “The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” the World Bank president, Robert B. Zoellick, said in a speech at the School for Advanced International Studies at Johns Hopkins. “Looking forward, there will increasingly be other options to the dollar.”

    Mr. Zoellick, who previously served as the United States trade representative and as deputy secretary of state under President George W. Bush, said that the euro provided a “respectable alternative” for financing international transactions and that there was “every reason to believe that the euro’s acceptability could grow.”
    More at The New York Times: World Bank Head Sees Dollar’s Role Diminishing.
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