Stacy Summary: Haven’t seen this posted anywhere else, but it’s Martin Wolf speaking in Singapore. This, in my opinion, is going to be one of the biggest stories over next ten years. The dollar, obviously, can no longer function as reserve currency; but it’s one thing identifying the problem, and another thing fixing it, especially while that system is still operating. It seems we prefer collapse to motivate us to change course. Anyway, your ideas for solutions? Or, do you see no problem with what we have?

• Do we need a new reserve currency?

“Because the dollar, to my mind, given its underlying conditions, is no longer a credible long-term store of value,” said Wolf.

“The Americans no longer have the means to save themselves, this is what I think people don’t understand. There is no credible American policy,” said Wolf.

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