Calls for new global currency

[cheddyrod]

How about a modified SDR?

[xilingshi]

SDR would be fine. The real question is "are US authorities ready to submit its financial and economic policy to a serious discipline from an international institution?". Of course, it could be a refurbished IMF, but only as far as it forgets the old monetaristic receipts and also accept that the real economic players, such as emerging countries, must play a crucial role into it. Think that IMF needs China´s funds more than China needs IMF. The option for China is easy. China can be an IMF.

[arbide2]

This is really a double edge sword.

The US dollar is toxic and should be dumped but then what would happen to the world economy then?

[JuzzChiln]

Something slightly better that what will happen if they don't replace it.

[arbide2]

I agree. But this is possible a lose lose situation the world has got itself into.

[0800RelevantElephant]

I disagree; in the long run its much better for the rest of the world, because it wouldn't pay for America's deficits anymore. The contrast to the ECB the US Fed manipulates the dollar value in order to account for spending, that's fucked up for borrowers...

[0800RelevantElephant]

if its to some extent bound to this new currency the world economy is not the biggest problem, the US economy is going to suffer far more severely...