Death of the dollar

Stiglitz predicts dollar will cease to be world''s reserve currency.

In his keynote address to CSFB's Asian Investment Conference yesterday March 15, Nobel Prize winning economist, Joseph Stiglitz predicted the demise of the US dollar as the world's reserve currency.

The former World Bank Chief Economist told the audience Reserve currencies must serve the role of being a good store of value. The dollar is no longer serving that function and there are alternatives.

Stiglitz said from the perspective of a European, if they had held dollar assets, they would have seen those assets decline in value by 40-50% in terms of their own currency, the euro. That's the same thing, Stiglitz pointed out, as...

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