IMF has to be capable of holding the excess reserves of Asia and the Middle Eastern countries. There should be some asset that the IMF can issue across a basket of currencies, which will be suitable for holding excess reserves. This will eliminate the current bias in favour of dollar-denominated US Treasury bills. This will wean the US from the addiction to other people’s money and make it start saving. It would also rebalance the world’s financial system. Maybe this will be the first fruits of the meltdown for Global Governance.
Epaper
Newsletter
Stocks
Weather
Horoscope
