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 “destabilizing” 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.

As a first step to reorder the world’s financial system, countries could triple the resources of the IMF to $3 trillion as a better alternative to countries protecting themselves by racking up enormous piles of dollar-denominated debt.

Just print money or launch crypto currencies? 😂 Ha, the value of money depends on its credit!

The puppets follow the true leader (president of Russian Federation) whom they demonize 24/7. Good morning idiots.

Mintgecko Loose the dollar and America is in trouble.

The US Dollar is not risky

Yup, be aware that is the exact aim. To issue currency in a foreign place, governed by unelected bankers that respond to no one but themselves. I'll keep the dollar for know tnx.

Very correct opinion. Americans have been exploiting the whole world by it's dollars. It must end.

The dollar is strong . Screw the Euro

Good luck with that.

Trump is destroying the world order that the 'Greatest Generation' payed for in blood, sweat, and tears. What's is America getting in return? TrumpChaos

Was this the plan all along? Trump makes the US dollar unstable, is then abandoned? America, when do we get to the “making America great again” part?

Hey Carney, why don't you go take care of your COLLAPSED UK Pound. We didn't hear this same comment from your PREDECESSORs when the Pound Sterling used to reign across the now DEFUNCT SEVEN SEAS. Carney, your CURRENCY is an UTTER FAILURE so STOP spreading that VIRUS in the US

Funny. The other currencies go down when ours does. Keep your own money.

Needs to end risky reliance on rumpled, tieless, poorly cut navy suits as well.

Risk is relative 🤷🏻‍♂️

That would be one shitty Trump legacy Anti-MAGA

I think China would love that... but today had to devalue the yuan. Sad.

It may not seem significant news today, but it really is! USDollarWorldReliance A stark warning, folks USEconomyVolatility

Ladies and gentlemen...this is America’s achilles heel. If non-dollar denominated global trade keeps growing and US debt/spending continues to be reckless, the US will be left with a shattered economy and a military it can no longer maintain. Scary? Well, blame the orange fool.

It was central bankers like Carney who replaced gold standard with fiat dollar and now they tell us it's risky, something we knew all along.

It is time to PEG on a new currency..... or think out of the box and pick a few currencies, not just one..... new thinking needed for today's markets..... no country should be allowed to manipulate the currency WSJ business BGR verge FT FinancialTimes CNBC

mariuslandman

I think the world is rethinking its risky ALLIANCE with America.

Won't the American economy collapse if we stop trading in dollars ? 😕

Comments from a Canadian.

Nonsense

i.e Federal Reserve - Petrol dollar is about to end, with the current inversion of the market heading into a recession next year. Carney wants to build a ties with the Euro with a strong Euro as a reserve or a temporary reserve currency.

Thank you Mr president. You're managing to destroy in under 3 years what took decades to build.

It may be scary, but we’re still the safest bet.

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