US dollar may soon be replaced as world currency (click here)
Federal gov’t continues to flirt with disaster, says PH exec
By Paolo G. Montecillo
Philippine Daily Inquirer
6:56 pm | Sunday, October 20th, 2013
Playing a game of brinkmanship, the United States government may just end up hurting itself as other countries start to plot out long-term strategies to find replacements to the greenback as the world’s de facto currency.
A senior official of the Philippines’ central bank said that the US government risks losing its “exorbitant privilege”—being the issuer of the world’s most used currency—if its polarized Congress were to continue flirting with disaster by waiting to resolve a potential crisis at the eleventh hour.
“In economics, it’s called the game of chicken. The first one who blinks loses. The problem is, if nobody blinks, you’ll have catastrophe,” said Felipe Medalla, a member of the Bangko Sentral ng Pilipinas (BSP) Monetary Board.
Medalla said last week’s debt ceiling talks in the United States, which was resolved by Congress just hours before the United States were to default on its debts, revealed that there was a real need to find alternatives to the US dollar as the world’s international reserve currency...
Federal gov’t continues to flirt with disaster, says PH exec
By Paolo G. Montecillo
Philippine Daily Inquirer
6:56 pm | Sunday, October 20th, 2013
Playing a game of brinkmanship, the United States government may just end up hurting itself as other countries start to plot out long-term strategies to find replacements to the greenback as the world’s de facto currency.
A senior official of the Philippines’ central bank said that the US government risks losing its “exorbitant privilege”—being the issuer of the world’s most used currency—if its polarized Congress were to continue flirting with disaster by waiting to resolve a potential crisis at the eleventh hour.
“In economics, it’s called the game of chicken. The first one who blinks loses. The problem is, if nobody blinks, you’ll have catastrophe,” said Felipe Medalla, a member of the Bangko Sentral ng Pilipinas (BSP) Monetary Board.
Medalla said last week’s debt ceiling talks in the United States, which was resolved by Congress just hours before the United States were to default on its debts, revealed that there was a real need to find alternatives to the US dollar as the world’s international reserve currency...
