From Brian G Williams
"Americans do not yet understand the significance of the euro, but when they do it could set up a monumental conflict, it will change the whole world situation so that the United States can no longer call all the shots.
— Helmut Schmidt, former German Chancellor, 199786"
"The introduction of the euro heralded not only a new stage in European economic integration, but also an important potential challenge to the dominance of the US dollar as the international reserve currency. Indeed, it presaged the only real macroeconomic challenge to US global primacy. When the euro was launched in 1999, leading EU government figures, bankers from Deutsche Bank, and French President Chirac went to major holders of dollar reserves — China, Japan, Russia — and tried to convince them to shift some of their reserves from dollars into euros.87 However, that proposal was perhaps premature at the time and clashed with the need to devalue the highly appreciated euro so German exports could stabilize growth within the newly integrated eurozone. A falling euro was the case until 2002."
"What is at stake is the rivalry between two competing global currencies: the euro and the US dollar, with Britain's pound being torn between the European and the US-dominated currency systems. In other words, two rival financial and monetary systems are competing worldwide for the control over money creation and credit .... What we are dealing with is an 'imperial' scramble for control over national economies and currency systems.90"
read more
No comments:
Post a Comment