Why The Dollar Poses A Global Headache 6: Recurring Crises

"The Dollar is our currency but it's your problem" John Connally

The unwillingness on the part of USD lenders to actually lend Dollars during a crisis is a crucial part of the problem.

Since money is created by the private sector and not central banks, the Fed cannot coerce banks into lending USDs globally.

They simply do not have the mandate to do so, and probably aren’t willing to do so, given the public and private uproar such coercion will generate.

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