Since the Bretton Woods Agreement in 1944, the dollar has been the world’s preferred reserve currency—the major trading nations of the world were willing to hold dollars in vast amounts to satisfy their need for a readily accepted worldwide payment medium. Even when, in 1971, the United States violated its solemn promise to redeem its dollars for gold at thirty-five dollars per ounce, nations were still willing to hold dollars. Germany Shies Away from Monetary Leadership
In the mid-2010s, I was certain that Germany would abandon the euro and reinstate the deutsche mark. It was clear, especially […]
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