The long, slow flight from the US dollar

The Libertarian Standard
by Ryan McMaken


The new competition over reserve currency is interesting for more than its economics since it is an important political issue. The nation that can build up its own currency as a reserve currency will expand its ability to inflate and incur debt with less fear of inflation. The US has benefited from this situation for decades. As the Fed inflates to finance deficit spending and to “stimulate” consumer spending, dollars are eventually absorbed by foreign central banks, put in reserves and out of circulation. The United States has managed to stave off the effects of reckless money printing for decades thanks to the willingness of foreign investors and central banks to sit on dollars as a store of value. Now the demand for the dollar is fading away slowly...

Informant: Thomas L. Knapp

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