And Then There Were Three

This is my twit to the financial punditry for today. If you prefer this urban legend definition of twit, a downscale wiki, just giggle, barf or write your own, but keep it to your self.

Well, I happen to think Three (international reserve currencies) will be better than the current One, that is, the US Dollar which has facilitated international trade and financial shenanigans while propping up world economies fairly well for much of a century.

It’s legacy is one of some benefit and some costs to the citizens of America, but what each has been is highly debatable. It has clearly benefited the world at large, but hey, no one has to say so.

For sure, the future will bring some US adjustments not all desired, especially by spoiled politicians, and foreign policy makers all of who relied a little too much on our unique power in the world, enshrining the concept of the ugly American,. Despite that, most foreigners say they like Americans, just not their government. And yet most of those would immigrate here before going to almost anywhere else, with a transformational exception.

Now that capitalism has officially spread to every corner of the world, many may now stay at home because they have the chance for a better life than before capitalism, indeed including a better chance to avoid undeserved political retention in jail and to get rich as well as be better off.

The World Bank, as reported in The Economist, says by 2025 there will be a three legged stool of international currency pillars.

The Euro, if it does not fail before on it’s own weaknesses, my comment;

The Dollar, if it follows this sage advice contained in this comment to a proletarian post;

The Renmimbi if it decides to take on more leadership responsibility including more of the required transparency and criticism than it will like;

It is always tougher to play the game than to opine or more from the sidelines.

Let the game begin; oh - it already has. Good luck to all and to all a good night.

FYI a twit on hypocrisy.com is roughly described as less than 350, more than the 140 Tweet limitations.