The Time For A Stateless Global Reserve Currency Is Fast Approaching

thegenesisblock.com

1 pointcgi_man3 comments

This is an article about the ideal world. The actual world will be using the Dollar for the next 50 - 100 years. Why? Two main reasons, the UN would never agree on something new and because the Dollar works well for enough of the world as is.

Yes, there are valid criticisms of the current system. But what is required to supplant it requires so much power and authority that one group can not amass it. And even if they did such power would corrupt and ruin them.

The Euro is interesting, but the ECB does not have the same powers that the US federal reserve and treasury dept. do. The ECB shares a lot of policy making with the sovereign member states.

The US $ may stay the official reserve currency but I expect many pairs of countries to start dealing directly in one of their own currencies. The effective transition off of the dollar as the reserve currency will probably be gradual as more alternative currencies are used by trading partners.

Many countries already do that today and this is not 'a reserve' currency use.

Reply on news.ycombinator.com