To avoid the shortcomings of sovereign credit currencies
acting as reserve currencies,
we need to create an ... international reserve currency
that can maintain the long-term stability of its value.
If US dollars became redeemable only for themselves in 1971,
why are most international financial transactions
still denominated in American currency?
What would happen if international financial transactions
become denominated in assets other than US dollars
and Federal Reserve Note supplies exceed demand?
If one day the world's largest oil producers
demanded euros for their barrels,
it would be the financial equivalent of a nuclear strike.
Bill O'Grady
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