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<blockquote data-quote="mindlight" data-source="post: 77549312" data-attributes="member: 21246"><p>Reserve currencies seem to be symptomatic of the bigger economic and military realities in history. The main global reserve currency between C16 and C19 was the Spanish Silver Dollar and this was followed by Pound Sterling until the middle of the C20. The Dollar has only been this since the 1950s. The rate of change appears to be accelerating but the transition from Pound to Dollar was managed by like-minded allies. The kind of dominance that the Spanish, British or Americans have enjoyed is unlikely for any foreseeable competitor in the next half century so the dollar is more likely to remain as the main reserve currency unless America defaults of course in which case everything is up for grabs. One alternative might be some kind of shared euro-dollar alliance and that could be more enduring over the longer term.</p><p></p><p>A world where there is no clarity on where the "buck stops" is an incredibly uncertain one and indeed unmapped in our experience of much the last 500 years.</p><p></p><p>Fiscally responsible people must run the American economy. That means a balanced budget just in case you wanted a definition.</p></blockquote><p></p>
[QUOTE="mindlight, post: 77549312, member: 21246"] Reserve currencies seem to be symptomatic of the bigger economic and military realities in history. The main global reserve currency between C16 and C19 was the Spanish Silver Dollar and this was followed by Pound Sterling until the middle of the C20. The Dollar has only been this since the 1950s. The rate of change appears to be accelerating but the transition from Pound to Dollar was managed by like-minded allies. The kind of dominance that the Spanish, British or Americans have enjoyed is unlikely for any foreseeable competitor in the next half century so the dollar is more likely to remain as the main reserve currency unless America defaults of course in which case everything is up for grabs. One alternative might be some kind of shared euro-dollar alliance and that could be more enduring over the longer term. A world where there is no clarity on where the "buck stops" is an incredibly uncertain one and indeed unmapped in our experience of much the last 500 years. Fiscally responsible people must run the American economy. That means a balanced budget just in case you wanted a definition. [/QUOTE]
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