Originally Posted By: Shannow
Originally Posted By: Vern_in_IL
When the U.S. dollar is NOT the global reserve currency, then the peace since the atom bomb will be naught!
It's the U.S. that became the "world's policeman", no other nation can do this job. It's not perfect, but it's the least corrupt option.
Go back a few year on this board, in this very General and Off Topic forum, and people were laughing that the rest of the world were duped into accepting "pieces of worthless paper" for tangible goods...and recommending that they be defaulted on, as what would they really be able to do anyway.
Others (not BITOG posters I think, but we wouldn't know if Presidents were posting here) have suggested that to dump same worthless pieces of paper is an act of war.
And history has proven that replacing those pieces of paper with any other currency on offer IS considered an act of war.
What's not corrupt about that ?
If you think the Euro, Pound, Renminbi, or the Yen is better than the U.S. Dollar as a reserve currency, then you are insane. All those currencies have even more problems than the dollar, and that is the list of currencies that would even compete for a benchmark.