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NY Sun: Doubts emerge about dollar's role as reserve currency

Section: Daily Dispatches

From The New York Sun
Friday, July 31, 2020

With Congress readying a vote on whether to elevate Judy Shelton to the board of the Federal Reserve, Goldman Sachs has just put out a startling research report. It's not about -- and doesn't mention -- Ms. Shelton or Mr. Trump's other nominee to the Fed board, Christophjer Waller. It does make clear that Ms. Shelton is not the only serious person thinking about the question of a role for gold in the monetary system.

... Dispatch continues below ...


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Goldman's report, issued three days ago, is called "Gold Views: In Search of a New Reserve Currency." It notes that the collapse in the value of the dollar -- the phrase it uses is the "recent surge in gold prices to new all-time highs" -- has outpaced the rise in real rates and other U.S. dollar alternatives, like the euro, yen, and Swiss franc. It believes this is being driven by a "potential shift in the U.S. Fed towards an inflationary bias."

Combined with "a record level of debt accumulation" by the American government, says Goldman, "real concerns around the longevity of the U.S. dollar as a reserve currency have started to emerge." Then it says: "We have long maintained gold is the currency of last resort, particularly in an environment like the current one where governments are debasing their fiat currencies and pushing real interest rates to all-time lows." ...

... For the remainder of the commentary:

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