So much has changed so fast. These changes haven’t been discussed on the evening news and broadcasted across the airwaves. They haven’t been streaming on YouTube with millions of views and subscribers, nor have they been used as political platforms. But the changes have happened and most of us go about our lives with little, if any, knowledge and awareness about them.
The need for these changes has been building for decades and has now become one of the most important aspects of international relations. Economic and monetary specialists have been warning for a long time that imbalances are developing in the international monetary system. These imbalances are a direct result of the role of the American dollar as the primary reserve currency used in global trade.
When the post war dollar system was established at Bretton Woods in 1944 the United States had a larger percentage of the worlds GDP. It is estimated to have been at 50% and made the case for the use of the dollar as the primary reserve currency all the more reasonable. Nations began to accumulate large amount of US dollars in their foreign exchange reserve accounts.
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