American - Educator | September 14, 1942 - January 2, 2007
To the extent that the United States has, I don't like the word hegemony, the United States has influence around the world, I don't think that's based on to any significant degree on the fact that countries use the dollar as their major reserve.
Robert C. Solomon
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The prices of all imports would rise if the dollar depreciates.
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On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States.
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In the United States, securities markets are much more developed than they are in Europe.
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The major material advantage, financial advantage from having a reserve currency is that between 200 and 300 billion dollar bills, that may be twenty, fifty, hundred dollar bills as well as ones, exist in the world - a lot of them in Russia as you all know I'm sure.
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There's a stability and growth pact which was agreed for the eleven countries which tries to limit the size of budget deficits among the eleven countries.
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The dollar went up some eighty percent in real terms as I recall now or something like that - from '80 to '85.
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