World needs to end risky reliance on U.S. dollar - BoE's Carney

JACKSON HOLE, Wyo. - Bank of England Governor Mark Carney took aim at the U.S. dollar’s “destabilising” role in the world economy on Friday and said central banks might need to join together to create their own replacement reserve currency.

“While the world economy is being reordered, the U.S. dollar remains as important as when Bretton Woods collapsed,” Carney said, referring to the end of the dollar’s peg to gold in the early 1970s. Carney - who was considered a candidate to be the next head of the International Monetary Fund but failed to secure backing from Europe’s governments - said the problems in financial system were encouraging protectionist and populist policies.

China’s yuan represented the most likely candidate to become a reserve currency to match the dollar, but it still had a long way to go before it was ready, Carney said.

Could be time for America to revise the America First Doctrine. Re energise alliances and get trusted again. If global economies pivot to a multi currency or another currency as reserve currency, it may spell doom.

The is earth shattering. It is significant for tje global economy in very many ways. Coming as it is from the BoE.

Yes..it is very very risky...dollars have been ruthlessly printed and circulated...any major war-like hit to it..and the dollar would be a piece of paper only...

the extract law of the US will ensure that the end of the dollars will be there in a few years which will bring the US back to a normal country that will no longer impose its sanctions on sovereign countries the end for soon even their Uk friends want it

May I suggest: The Chinese Yuan !?!

Trump America first is starting to produce America alone. The countries around the world are asking themselves is America worth it. The American dollar is to fragile to trust to hold it's own due to Trump's chaotic behavior and volatile interest rates he's causing.

Is this a not very subtle stab at selling the shitty $Euro to the world by this Europhile ?

Could this be China’s chance to win both a trade and currency war? China, Russia and EU edge away from petrodollar - Nikkei Asian Review

Good Luck with that!

Of course. He probably rates the Euro as it is doing so well. 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣He is still not getting the job reports say, he apparently applied for.

End the Fed. Go back to gold standard. Painful in the short term. Say no to BitCoin.

100%

China still pegs. I'm not interested.

Someone said it finally

We've lost a lot of control under Trump. So here comes the SDR argument again.

What's a alternative? Chinese yuan? Euro? Bitcoin? A currency basket? Get real.

Thanks Trump.

China isn't as rich as he thinks right ?

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank of England Governor Mark Carney says trade war is having a 'confidence effect' on business around the worldBank of England Governor Mark Carney says trade war has a confidence effect on business around the world This says nothing. Very interesting and Refreshing. Great guest and Interview ✌️ The only confidence they need is 👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇
Source: CNBC - 🏆 12. / 72 Read more »

‘America First’ Trump suddenly needs the rest of the worldPresident Trump heads into the G-7 summit more isolated than ever — and perhaps never more in need of the international coordination he has repeatedly attacked realDonaldTrump should bring his family into the discussion rooms. His daughter proved invaluable saving her daddy from mumbling completely incoherent nonsense. They should just put him in a corner and ignore him. The G6 should all shun the fool.
Source: politico - 🏆 381. / 59 Read more »

Guggenheim's Scott Minerd warns world bond markets are in a 'bubble'The bond market is in a 'bubble,' particularly sovereign debt, Guggenh... Thanks May be good right What does he know! Another unfounded opinion!
Source: Reuters - 🏆 2. / 97 Read more »

Dwayne Johnson is Forbes' highest paid male actor in the worldDwayne “The Rock” Johnson has been named this year's highest paid male actor in the world, according to Forbes. All him to help repair my camper I'm living in Smart. Cashing in while he's hot.
Source: ABC - 🏆 471. / 51 Read more »

If you want to understand how the world works, you need to understand bondsBonds are more important than most people realize, says dailydirtnap. dailydirtnap Bonds are great for borrower's right now, but not so much for fixed income investors needing yield. Munis & corporate bonds offer slightly more yield, but if an investor expects they may need liquidity from their bond portfolio in the future, keep duration short. Just my opinion.
Source: MarketWatch - 🏆 3. / 97 Read more »

70-year-old American oldest winner of 'longest horse race in the world'“Age is a number. That’s all.” A 70-year-old American man becomes the oldest rider to win the annual Mongol Derby – what the Guinness Book of World Records calls the “longest multi-horse race in the world.” What re Hildago and his rider?
Source: ABC - 🏆 471. / 51 Read more »