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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 464.70

+1.5%

Jan 26 4:00 PM EST

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To: TobagoJack who wrote (160675)	7/28/2020 7:09:20 PM
From: Gemlaoshi	4 Recommendations Read Replies (1) of 219786

At Bretton Woods, Harry Dexter White was adamant that the US dollar become the reserve currency after the war. JM Keynes tried to persuade him that no country could devise a monetary policy best for the domestic economy that would also adequately serve as a reserve currency. This later became known as the Trillin Paradox: "By "agreeing" to have its currency used as a reserve currency, a country pins its hands behind its back. To keep the global economy chugging along, it may have to inject large amounts of currency into circulation, driving up inflation at home. The more popular the reserve currency is relative to other currencies, the higher its exchange rate and the less competitive domestic exporting industries become. This causes a trade deficit for the currency-issuing country but makes the world happy. If the reserve currency country instead decides to focus on domestic monetary policy by not issuing more currency, then the world becomes unhappy." True for sterling, true for dollar, true for whatever comes next.

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