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Bank of England governor urges crypto reserve currency to end dollar dominance
Anything but gold -- right, Governor?
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By Brian Swint
Bloomberg News
Friday, August 23, 2019
Bank of England Governor Mark Carney today laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one.
Just a few months before he steps down as governor, Carney offered his vision for the international economy at a time of sweeping change. Trade wars and the threat of currency wars are hurting growth and upending multilateral cooperation, while central banks are trapped in a low interest-rate world as they struggle to revive inflation.
... Dispatch continues below ...
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"The combination of heightened economic policy uncertainty, outright protectionism, and concerns that further, negative shocks could not be adequately offset because of limited policy space is exacerbating the disinflationary bias in the global economy," Carney said. "What then must be done?"
Speaking to fellow policy makers and academics at the U.S. Federal Reserve's annual symposium in Jackson Hole, Wyoming, he said that in the short term central bankers must deal with the situation as it is. But he also warned that "blithe acceptance of the status quo is misguided," and dramatic steps will ultimately be needed.
His most striking point was that the dollar's position as the world’s reserve currency must end, and that some form of global digital currency -- similar to Facebook Inc.'s proposed Libra -- would be a better option. He said that would be preferable to allowing the dollar's reserve status to be replaced by another national currency such as China’s renminbi. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-08-23/carney-urges-libra-li...
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