You’ll be hard-pressed to find a country that is thrilled with our current global monetary system. Across the board, three complaints tend to arise: the dominance of the dollar as a reserve currency and America’s management of it; the fostered the creation of vast foreign-exchange reserves; and the scale and volatility of capital flows. When the leaders of the Group of Twenty (G20) countries meet in Seoul this November, there is bound to be a fair amount of finger-pointing on the subject of the world’s currency tensions. But it will be the pressing questions that need to addressed. Is there a better way to organize the world’s currencies? How will this take shape practically? And what will the implications be for all those directly and indirectly involved?
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