georgephillip
Diamond Member
"Today the US dollar is undoubtedly the top international currency. This is true by any of the
conventional measures, for its public or private international roles, whether it is measured as unit of
account, medium of exchange, or store of value (the three traditional roles of money). The first part of
the paper is devoted to justifying this assertion. The second part of the paper then goes on to ask
whether this is likely to continue in the medium term, and concludes that it is. The third part of the
paper asks whether this widespread use of the dollar confers great privileges in terms of US power in
the world, and concludes that the main source of advantage stems from private rather than public use
of the dollar."
Or to put it more succinctly, those who prosper from war and debt privatize all profit while they socialize the costs of Sarin gas attacks and control accounting fraud.
http://www.piie.com/publications/papers/williamson20121002.pdf
conventional measures, for its public or private international roles, whether it is measured as unit of
account, medium of exchange, or store of value (the three traditional roles of money). The first part of
the paper is devoted to justifying this assertion. The second part of the paper then goes on to ask
whether this is likely to continue in the medium term, and concludes that it is. The third part of the
paper asks whether this widespread use of the dollar confers great privileges in terms of US power in
the world, and concludes that the main source of advantage stems from private rather than public use
of the dollar."
Or to put it more succinctly, those who prosper from war and debt privatize all profit while they socialize the costs of Sarin gas attacks and control accounting fraud.
http://www.piie.com/publications/papers/williamson20121002.pdf
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