An Interview with Paul Craig Roberts, One of America’s Most Respected Economists
OPS_admin | May 13, 2009 | Comments 0
An Interview with Paul Craig Roberts, One of America’s Most Respected Economists
Because the U.S. has become import-dependent, it is important for the U.S. to retain the reserve currency role. Otherwise, the U.S. will not be able to pay for its imports
Editor’s Note: EconomyInCrisis.org was fortunate enough to conduct an interview with Paul Craig Roberts regarding the future of the dollar as the world reserve currency and the direction the U.S. economy needs to head into the future. Roberts is the former Assistant Secretary of the U.S. Treasury and a former associate editor of the Wall Street Journal. Printed below is the interview transcript.
EIC: When and at what point will foreigners no longer use the dollar as the world reserve currency?
PCR: Foreigners will give up on the U.S. dollar as reserve currency when the supply increases at such a rate as to destroy the currency as a store of value. Then all financial assets denominated in dollars will be vulnerable. Real assets will become cheaper to foreign currencies and might be bought up, but paper dollar assets will depreciate quickly, once it starts.
Because the U.S. has become import-dependent, it is important for the U.S. to retain the reserve currency role. Otherwise, the U.S. will not be able to pay for its imports.
EIC: What could we do if anything to prevent the dollar’s debasement?
via Economyincrisis.org – America’s Economic Report – Daily.
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