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WB warning over US dollar as world reserve

Monday, September 28, 2009 WASHINGTON: World Bank President Robert Zoellick on Sunday warned that the United States should not "take for granted" the US dollar's role as pre-eminent global reserve currency."The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency, Zoellick said, in excerpts of a speech to be delivered Monday."Looking forward, there will increasingly be other options to the dollar," Zoellick said in the address to be given at Washington's John's Hopkins University.His speech on Monday comes ahead of World Bank and International Monetary Fund annual meetings in Istanbul, Turkey early next month.Addressing the recent global economic crisis, he faulted the world's central banks for having "failed to address risks building in the new economy," although in the case of Washington's Federal Reserve Bank, he said, "it will be difficult to vest the independent and powerful technocrats at the Federal Reserve with more authority.""My reading of recent crisis management is that the Treasury Department needed greater authority to pull together a bevy of different regulators" to manage the finance crisis.He added that since Treasury is an executive department "Congress and the public can more directly oversee how it uses any added authority."

Comments

Brian Barker said…
A recent CNN television broadcast gave the impression that Esperanto aims to be a single global language. The comparison was with a global reserve currency instead of the US dollar.

See http://jeffreyhill.typepad.com/english/2009/09/video-global-currency-global-language.html#tpe-action-posted-6a00d8341d417153ef0120a5a17e4b970b

However Esperanto intends to be an auxiliary language, or a second language for all. Please see http://www.lernu.net for confirmation.

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