“In another indication that China is growing increasingly concerned about holding huge dollar reserves, the head of its central bank has called for the eventual creation of a new international currency reserve to replace the dollar…. China’s bold idea, released more than a week before world leaders are to gather in London for an economic summit meeting, also indicates that Beijing is worried that its huge dollar-denominated foreign reserves could lose significant value in coming years.” (New York Times, Tuesday)
What if no one will lend the government money?
FEE Timely Classic
“The Dollar Will Be on the Defensive” by Lawrence Fertig