Federal Reserve Bank of New York President William Dudley said this morning that he would welcome more currencies achieving global reserve status.
“Will more reserve currencies strengthen the international monetary system? My answer can be summed up in one word: yes,” said Dudley in remarks prepared for the High-Level Conference on the International Monetary System in Zurich.
The dollar is slowly sliding as the global reserve currency on its own, but it is quite remarkable for a key Federal Reservee official to call for a move away from the dollar as the world's reserve currency.
The loss of sole reserve currency status for the dollar would mean central banks around the globe liquidating major dollar positions, crashing the dollar on foreign exchange markets and delivering explosive price inflation here in the U.S.
Dudley supports this? President Obama should call for his immediate resignation.