“Britain emerged from the devastation of the First World War an irreparably damaged economic and military power, with crushing debts and a deeply impaired manufacturing sector. The dollar was able quickly to usurp the pound’s position. Final defeat for sterling came with Britain’s decision to leave the gold standard in 1931 – an economically sensible decision but a psychological turning point for sterling from which it never recovered. Lack of any credible alternative means it won’t happen so quickly with the dollar. For all the progress of the last 30 years, China for now remains a much smaller economy than the US and in any case is nowhere near ready financially to assume such a role.”
Related posts:
Associated Press CEO: Sources will no longer speak to us because of phone monitoring
Melbourne residents turn unused car parks into cash
The reality is Americans aren’t that concerned about drones
Miner to Pay in Bitcoins for Work at Tungsten Project
Man sics cops on kid's lemonade stand, now in license trouble himself
Obama executive order to kill 110-year-old Civilian Marksmanship Program
Video Shows Rocket Attack on Suez Canal Ship, Group Says
As China Dumps Treasuries, World Sees No Better Place for Refuge
FoxConn will pay Microsoft royalties to produce Android, Chrome phones and televisions
NYPD agrees to purge database of people stopped by police
Myanmar says it ends decades of media censorship
Living in: The world’s most affordable cities
Bakken flaring burns more than $100 million a month
Luxembourg and USA sign FATCA Model 1 IGA
Congress still at near-record low approval rating