Cogito

One Currency, SDR

Posted in Uncategorized by qmarks on November 17, 2009

Couple of years ago, when the Paul Wolfowitz was the president of World Bank, I asked him that whether there is a tendency for IMF presidents to be European and World Bank presidents to be American. He did not refuse it directly but gave me an impression of not necessarily.

Dominique Strauss-Kahn, the managing director of IMF, said today the world probably needs a new global currency system, one that does not rely on just the U.S. dollar. Even though his approach seems logical, to create a basket of currency similar to SDR, I smell something European here. Am I biased, maybe but I like to be devil’s advocate.

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