Tuesday, May 10, 2016

BIZARRE NY Fed Prez: Let's Kill the US Dollar as the Sole Global Reserve Currency

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.



  1. That is truly breath taking stupidity from someone in his position. It's almost hard to believe he's that stupid, especially given his background.

    Granted, I'm all for competitive currencies without legal tender laws(knowing we'd probably eventually end up with gold/silver backed currency in much of the world)...but it'd be nice if it was done in some orderly manner- what he is proposing absent those things is pure madness.

    Dudley has entirely too much faith in the dollar's ability to endure such an event absent the force of law, the petrodollar, etc.

  2. Maybe they see it coming and are trying to soften the landing by spinning it into a positive. I can't see someone in his position saying this as an honest off the cuff statement.

  3. Dream on. Obama doing anything to stop the decline of America. You will have to wit till Trump takes office to see reversals!

  4. I assume that means that Dudley has a major short position in the dollar and wants to move things along.