Bloomberg: “Is it Time for a New International Currency?” Yes!
In a Bloomberg piece entitled “The Tyranny of the U.S. Dollar”, the author considers the situation that the incumbent international currency has been the U.S. dollar for decades and asks; “Is it time for regime change?”
The author observes that America’s currency makes up two-thirds of international debt and a similar share of global reserve holdings. Oil and gold are priced in dollars, not euros or yen. The E.U. sees it as “absurd” that European companies buy European planes in the American currency instead of its own.
We agree that it is time for a new international currency: The WOCU. It makes perfect sense – the time for the WOCU, issued into the traditional banking system, is now.