International Monetary System Quotes

The problem started before World War I. The gold standard was working fairly well. But it broke down because of the war and what happened in the 1920s. And then the U.S. started to become so dominant in the world, with the dollar becoming the central currency after the 1930s, the whole world economy shifted.

When the dollar was separated entirely from gold in 1971, it ceased being the official IMF world currency and finally had to compete with other currencies... From that point forward, its value increasingly became discounted.

The reserve currency role seems to add prestige to an area and some people in Europe have talked about the desirability of the euro becoming an international reserve currency.

I don't know how many resolutions from the IMF or G-20 we have already written saying that such [financial] reforms are necessary for new growth.

The proposal for a new global reserve currency - or Special Drawing Rights - is a good idea for many reasons. Yes, for the Chinese it would cushion any fall in the value of the dollar per se because it would only be part of a basket of other currencies, including the yen and the euro.

The need to promote the adoption of a global currency as a vital element in the integration of the global economy is self-evident.

If we are going to go into a global currency fight against countries like China, well, the US has about 75, 76 billion in foreign reserves. They're going to be up against China with 1.7 trillion in US dollars and foreign reserves, so it's not much of a fight there. It could be an interesting fight though.

China has made important contribution to the world economy in terms of total economic output and trade, and the RMB has played a role in the world economic development. But making the RMB an international currency will be a fairly long process.

Were we to find ourselves in a world in which there was a very significant amount of dollarization, … it would be in the political interests of certain parties in other countries whose policies were less than perfect …, to blame us as the root of their problem.

It is as easy to bemoan a lack of U. S. financial leadership as it is difficult to substitute for it..

The primary factor that enables our government to peddle economic snake oil is the dollar's unique role as the world's reserve currency, and our creditors' willingness to preserve its status. By buying up dollars and loaning them back to us through Treasury debt, productive countries give American politicians cart blanche to play Santa Claus.

The problem of indebtedness is part of a larger and more comprehensive problem, namely the existing imbalances in the international economic order.