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The logic behind the dollar’s (continued) dominance and the reasons not to make a big deal out of that dominance are little changed from four decades ago.
Brazil and Argentina’s desire to create a common currency is a reminder of economic and geopolitical forces that support de-dollarisation.
The U.S. dollar has dominated the international monetary system for approximately 70 years. While the U.S. economy has generated weak growth over the past six years and accumulated a large sovereign debt, the dollar’s status as an international medium of exchange and reserve currency (currency held by foreign central banks) has defied the odds and has not diminished.
[This article originally appeared in the January 4 edition of Lewrockwell.com.] The culprit responsible for the Wall Street crash of 1929 and the Great Depression can be easily identified—the government.
Poplular history says that massive government spending—made possible by ending the gold standard—ended the Great Depression