{"id":11066,"date":"2014-10-07T00:22:02","date_gmt":"2014-10-07T04:22:02","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=11066"},"modified":"2014-10-07T00:22:02","modified_gmt":"2014-10-07T04:22:02","slug":"reserve-currency-status-privilege-or-burden","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/10\/07\/reserve-currency-status-privilege-or-burden\/","title":{"rendered":"Reserve currency status: Privilege or burden?"},"content":{"rendered":"

Is the reserve currency status of the US Dollar a privilege or a burden? Michael Pettis suggests the latter and argues in favor of constraining unlimited purchases of US or other government bonds by international trading partners like China and Japan:<\/p>\n

…it is actually quite easy to list the conditions under which reserve currency status encourages growth and the conditions under which it forces a rise either in debt or in unemployment. In advanced countries with deep and flexible financial markets, except in the case in which capital has become severely constrained by the need for money to be backed by gold, or real interest rates have been forced up to extremely high levels in order to break inflation as was the case in the late 1970s and early 1980s, the net inflows associated automatically with reserve currency status will not result in an increase in productive investment. They only result in an increase either in debt or in unemployment.<\/p>\n

This is not an argument in favor of returning to gold, by the way. It is completely neutral on the issue. This argument simply restates the Keynesian insight that eliminating the discipline imposed by the gold standard is likely to become destabilizing unless there is another way to impose discipline…..<\/p>\n

….the potentially destabilizing effect is no longer so distant. In a recent essay I tried to show that if we have not already reached the point at which the dominant reserve currency status of the US dollar is harmful to the US and potentially destabilizing to the world, logically we will inevitably reach that point, and probably soon….<\/p><\/blockquote>\n

I have frequently argued<\/a> that capital account inflows into US Treasuries artificially inflate the dollar, give trading partners a competitive advantage, and cause the loss of millions of manufacturing jobs. Failure to address this issue is one of the major causes of low wage growth and rising inequality in the US. <\/p>\n

Read more at Are we starting to see why its really the exorbitant \u201cburden\u201d | Michael Pettis' CHINA FINANCIAL MARKETS<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Is the reserve currency status of the US Dollar a privilege or a burden? Michael Pettis suggests the latter and argues in favor of constraining unlimited purchases of US or other government bonds by international trading partners like China and Japan: …it is actually quite easy to list the conditions under which reserve currency status … <\/p>\n

Continue reading “Reserve currency status: Privilege or burden?”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,7,17,34],"tags":[572,1442,2921,3556],"class_list":["post-11066","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-forex","category-japan-korea","category-us-canada-countries-regions","tag-capital-account-flows","tag-foreign-treasury-holdings","tag-reserve-currency-status","tag-us-dollar"],"yoast_head":"\nReserve currency status: Privilege or burden? - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserve currency status: Privilege or burden? - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Is the reserve currency status of the US Dollar a privilege or a burden? 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Again. | Michael Pettis","author":"ColinTwiggs","date":"May 8, 2016","format":false,"excerpt":"Michael Pettis explains why the US dollar as reserve currency is a burden rather than a privilege for the US: Historically, neither Europe nor Japan, and certainly not China, have been willing to permit foreigners to purchase significant amounts of government bonds for reserve purposes. When the PBoC tried to\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32756,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/05\/14\/current-turmoil-and-its-impact-on-gold\/","url_meta":{"origin":11066,"position":1},"title":"Current turmoil and its impact on Gold","author":"Colin Twiggs","date":"May 14, 2022","format":false,"excerpt":"Michael Every from Rabobank is bearish on Gold in his recent video: \"I can't see the case for Gold while the Fed is hiking -- you don't get a correlation with the Fed hiking aggressively and Gold going up.....If you want to buy into the Gold argument you are buying\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Bank Credit & Fed Funds Rate","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":60544,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/01\/23\/beware-the-dollar-wrecking-ball\/","url_meta":{"origin":11066,"position":2},"title":"Beware the Dollar wrecking-ball","author":"Colin Twiggs","date":"January 23, 2025","format":false,"excerpt":"The US Dollar functions as the global reserve currency and is the only currency capable of performing this role. No other country is even remotely interested in running the massive trade deficits needed to supply financial markets with sufficient currency to meet international demand. US trade deficits (below) now exceed\u2026","rel":"","context":"In "Gold & Precious Metals"","block_context":{"text":"Gold & Precious Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/gold-precious-metals\/"},"img":{"alt_text":"US Trade Deficit","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-22-tradedeficit.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-22-tradedeficit.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-22-tradedeficit.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6440,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/10\/what-to-do-about-the-us-currency-war-alan-kohler-commentary-business-spectator\/","url_meta":{"origin":11066,"position":3},"title":"What to do about the US currency war | Alan Kohler | Business Spectator","author":"Colin Twiggs","date":"December 10, 2012","format":false,"excerpt":"Alan Kohler writes about the Fed's quantitative easing strategy which is effectively debasing the US dollar: Because it is trying to reduce the world\u2019s reserve currency, the Fed is effectively giving other countries two choices: either allow your currencies to appreciate against the US dollar and thus make your economies\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":60957,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/02\/14\/gold-the-long-game-2\/","url_meta":{"origin":11066,"position":4},"title":"Gold, the long game","author":"Colin Twiggs","date":"February 14, 2025","format":false,"excerpt":"A timeline since 1960 shows that the price of gold tends to rise in waves, typically triggered by an event that unsettles global financial markets. These waves are interspersed with long periods when the Federal Reserve succeeded in suppressing the price of gold despite persistent inflation. In the 1960s, a\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Gold Timeline","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-02-13-gold-timeline.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-02-13-gold-timeline.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-02-13-gold-timeline.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-02-13-gold-timeline.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":27303,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/08\/11\/the-error-of-a-dollar-reserve-currency-and-fed-dominance\/","url_meta":{"origin":11066,"position":5},"title":"The error of a Dollar reserve currency","author":"Colin Twiggs","date":"August 11, 2021","format":false,"excerpt":"The era1 of US Dollar reserve currency status started in 1971, when Richard Nixon ended convertibility to gold. 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