It was announced today that Germany, France and Italy will follow Britain in the move to join a Chinese led Asian bank. In doing so puts the United States at even more risk of losing the status of holding the reserve currency of the world. A position it has held since the end of WWII.
In the past, transitions to new reserve currencies are slow and markets adjust. The holder of reserve currency has a a trade advantage and an ability to impose sanctions on other countries (among other benefits) but a rapid change in the reserve currency would raise havoc with US markets.
There has been a global call for a uniform reserve currency, not one controlled by any country. I suppose, then, it would be controlled by the United Nations? That is a really scary thought and one that every American should make it their business to understand.
Shirley Reynolds
Englewood, FL
