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Reversing the dollar’s decline

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Panelists at a Credit Suisse investment conference say the US must reduce consumption and increase savings.

History teaches us that reserve currencies have staying power, Steve Hanke, professor of applied economics at Johns Hopkins University and Senior Fellow at The Cato Institute, said in a panel discussion yesterday. And based on average longevity, he reckons the greenback should have another 200 years in that role. There is a “first mover effect” which will make it hard for rival currencies to supplant it any time soon.

Hanke made his comments during the opening debate at Credit Suisse's annual Asian Investment Conference in Hong Kong, which focused on “The Dollar Dilemma”. ...

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