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Implementing A Real Sdr Currency Board, Warren Coats

Warren Coats

The enormous utility of money is a function of how widely it can be used for pricing and paying for the things we buy and sell and how stable or at least predictable is its value over time. The United States dollar became and remains the world’s common currency for global trade because of the relative size of the American economy, the relative stability of the purchasing power of the dollar, and the extensive development and liquidity of dollar financial instruments. Its use is now well entrenched. As pointed out by Richard Cooper: “It would take both a major shock …