World Bank President Robert Zoellick on Dollar as Reserve Currency - Bloomberg

Nicely-done 2 part sit-down from Tuesday with Bloomberg's Peter Cook and Robert Zoellick, President of The World Bank. Summarized, Zoellick supports a strong U.S. Dollar (big shock), but warns that for many reasons the global markets need to work towards an alternative reserve currency. Will it be the Euro (fat chance), the Yuan-Remninbi, or something entirely new?

Zoellick also places himself into the debate on new financial regulation saying the Treasury and not the Federal Reserve should be granted greater power. He takes a clean shot at the Fed, labeling the cabal a group of too-powerful technocrats. Take that Bernanke.

Watch

Two-minute summary of Zoellick's speech at Johns Hopkins from Tuesday.

(Part 1) Bloomberg

(Part 2) Exclusive - Zoellick Speaks Out on Economic Recovery, and the Future of the World Bank (Bloomberg News)

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Comments

[Roger Knights:]

"global markets need to work towards an alternative reserve currency. Will it be the Euro (fat chance), the Yuan-Remninbi, or something entirely new?"

Or something very old?

Oct 03 11:44 AM

[Donald Ingram:]

Old? Something like the 'true' monetary metals?


On Oct 03 11:44 AM Roger Knights wrote:

> "global markets need to work towards an alternative reserve currency.
> Will it be the Euro (fat chance), the Yuan-Remninbi, or something
> entirely new?"
>
> Or something very old?

Oct 03 02:22 PM

[The Geoffster:]

Something new and something old?

Oct 03 03:36 PM

[tripleblack:]

Gold? Yes, I would think that is on the table as an alternative. I wonder, though, how much of the current situation already has that idea priced in?

Oct 03 10:30 PM

[Alan Young:]

"something borrowed..." uh-oh, I hope not!


On Oct 03 03:36 PM The Geoffster wrote:

> Something new and something old?

Oct 04 01:06 AM

[relaplan1:]

There is no way the US economic recovery can be sustained if the $US strengthens.. Simply, there are just too many states and other government enitities on the verge of bankruptcy with no hope in sight.
Michigan leads the pack, but there are many states close behind.

Oct 04 12:04 PM

[jt:]

It's more than just the question of "recovery"...the question and the point is how can we the U.S. ever pay back the debt we owe (actually the amount the Fed and its Bankster Cartel lost playing its derivative games that b/c of the fraud of the present banking "system" WeThePeople have to pay back...with interest) without massive devaluation of our currency. And in fact, since this fraud and this robbery by the Fed-led cabal is ongoing and actually accelerating, the question is if their actually is ANY level of devaluation of the FRN at which we can actually pay back even a fraction of the debt we owe...collectively and individually.

The only answer is that Ron Paul and friends MUST succeed in first getting the audit on the Fed so that at least some portion of the not already completely blind or dumbed down or complacent/indifferent sheeple people of this nation can see exactly what they have done and continue to do to rob us of our wealth THRU their devaluation of our fiat currency, that we are forced by law to receive as pay and to use as money. Then we need to dismantle the Fed and its Bankster Robber-Baron Cartel and return control of the money supply to the people thru their representatives, as our Forefathers warned us MUST be the only process for doing so. Only then can we talk about any meaningful "recovery." jt


On Oct 04 12:04 PM relaplan1 wrote:

> There is no way the US economic recovery can be sustained if the
> $US strengthens.. Simply, there are just too many states and other
> government enitities on the verge of bankruptcy with no hope in sight.
>
> Michigan leads the pack, but there are many states close behind.

Oct 04 04:48 PM