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The Foreign Exchange Matrix: A new framework for understanding currency movements by Barbara Rockefeller, Vicki Schmelzer

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Chapter 10 – Be Careful What You Wish For: Reserve Diversification and the Future of the Dollar

“We have gold because we cannot trust Governments.”

Herbert Hoover to President-elect Franklin Delano Roosevelt

Introduction

The dollar is currently the single biggest reserve currency. Reserve currency status always creates policy difficulties for the issuer and for the rest of the world, chiefly because the issuer wishes to manage growth and inflation policies for its own self-interest and those policies can clash with the needs of the reserve-holders. It is inherently unfair for a single nation to have so much power over the financial fortunes of other nations, who perceive the reserve issuer is dictating their policies. Critics of the reserve ...

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