The Imperialism of International Currency

Rahman, Abdurrahman Arum (2022): The Imperialism of International Currency.

Abstract

Our international monetary system is neither symmetrical nor democratic. Some countries create international payment instruments while others buy them. This gives rise to imperialism. Countries that create international money can benefit at the cost of the world. Countries in the world give up resources and wealth to countries that own international currencies from hundreds of billions of dollars to trillions every year for free. Countries that own international currencies create and regulate the international monetary system for their domestic interests, not for the world's interests. The current international currency system is the greatest empire of the modern age.

• Item Type: MPRA Paper
• Language: English
• Keywords: International monetary system, money empire, exploitation, dollar, euro,
• Subjects: A - General Economics and Teaching > A1 - General Economics; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches; F - International Economics > F0 - General

References

Bertaut, C., Beschwitz, B. v., & Curcuru, S. (2021, October 06). The International Role of the U.S. Dollar. Retrieved from Board of Governors of the Federal Reserve System: https://www.federalreserve.gov

Boz, E., Casas, C., Georgiadis, G., Gopinath, G., Mezo, H. L., Mehl, A., & Nguyen, T. (2020). Patterns in Invoicing Currency in Global Trade. IMF Working Papers. Washington, D.C.: IMF. Retrieved from https://www.imf.org

Brown, B. (2016). The Global 2% Inflation Standard – How Will it End? Atlantic Economic Journal, 44(2), 183-196. doi:10.1007/s11293-016-9495-5

Canzoneria, M., Cumby, R., Diba, B., & López-Salidob, D. (2013). Key currency status: An exorbitant privilege and an extraordinary risk. Journal of International Money and Finance, 37, 371-393. doi:10.1016/j.jimonfin.2013.06.006

Cova, P., Pagano, P., & Pisani, M. (2014). Foreign exchange reserve diversification and the “exorbitant privilege”. Bank of Italy Working Papers (pp. 1-61). Roma: Bank of Italy. Retrieved from https://www.bancaditalia.it

Eichengreen, B. (2011). Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. Oxford: Oxford University Press. Retrieved from https://books.google.co.id

IMF. (2021). Currency Composition of Official Foreign Exchange Reserve (COFER). Retrieved from International Monetary Fund: https://data.imf.org

Jeanne, O. (2011). The Triffin Dilemma and the Saver's Curse. Journal of International Money and Finance Conference. Baltimore: Johns Hopkins University. Retrieved from https://econ.jhu.edu

Mayer, J. (2021). The “exorbitant privilege” and “exorbitant duty” of the United States in the international monetary system: implications for developing countries. Review of World Economics, 157, 927–964. doi:10.1007/s10290-021-00422-5

Rahman, A. A. (2022). Free Money: Initiating a Democratic International Currency. Jember: GCI. Retrieved from https://books.google.co.id/books?id=MGxUEAAAQBAJ

Triffin, R. (1978). Gold and the Dollar Crisis: Yesterday and Tomorrow. Princeton: Princeton University.

UN General Assembly. (1948, December 10). Universal Declaration of Human Rights. Retrieved from The United Nations: https://www.un.org