The New York Times has an article today on the rise of the U.S. dollar during the current economic crisis. The article is interesting throughout, but I found this excerpt particularly poignant:
As noted on this blog, the real debate now is whether the Euro can survive this economic crisis.
As the dominant flavor of money used in business worldwide, the dollar has once again been affirmed as the global reserve currency.Yes, the debate on whether the dollar would maintain its status as the main reserve currency (see here, here, and here) seems so dated now as does this picture:
Only last year, some analysts said that as the American economy sagged, foreign central banks would be reluctant to sink national savings into the dollar. That has been soundly debunked.
As noted on this blog, the real debate now is whether the Euro can survive this economic crisis.
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