Foreign Affairs — It Is Time to Abandon Dollar Hegemony–Issuing the World’s Reserve Currency Comes at Too High a Price

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Foreign Affairs is a publication of the Council on Foreign Relations (CFR).Time to resurrect Keynes (and E. F. Schumacher's) bancor proposal made at Bretton Woods but rejected in favor of using the US dollar as the global reserve currency? Presdient Nixon famously ended the Bretton Woods agreement when he closed the gold window, ending dollar convertibility into gold at a fixed rate. This set the world on a floating rate monetary system with the USD remaining the reserve currency.Foreign AffairsIt Is Time to Abandon Dollar Hegemony–Issuing the World’s Reserve Currency Comes at Too High a Price Simon Tilford and Hans Kundnani

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