The dollar’s dominance is coming to an end…

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The dollar’s 70-year dominance is coming to an end 

The telegraph  

Jul 19, 2014

By Liam Halligan

imf-world-bank-leadership-001In early July 1944, delegates from 44 countries gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire. A three-week summit took place, at which a new system was agreed to regulate the international monetary and financial order after the Second World War.

The US was already

  • the world’s commercial powerhouse,
  • having eclipsed the British Empire several decades earlier. America was also on course to be
  • among the victors of “Europe’s conflict”, even though its economy was largely unscathed by war. As such,

Bretton Woods

  • was US-dominated and
  • produced a settlement largely on US terms… Since then,
  • global commerce has been conducted largely indollars and leading economies have held
  • the greenback as theirprimary reserve currency.
  • The same system remains intact today, with the lion’s…

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