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GLENN: Carol Roth, the author of The War on Small Business and former investment banker who started to use her gifts for the good, instead of the evil, is joining me now. She’s also got a new book coming out, the week after mine. And they are great hand-in-glove books. You Will Own Nothing.
Could the dollar get knocked off the top spot, as the world’s reserve currency? Challenges are emerging, and history shows, that countries whose currency has dominated the globe, can fall from that global reserve, that top spot, pretty fast, even over the course of a few days. We didn’t luck our way into this position. Listen to me carefully, it was a carefully engineered plan that unfolded in the mountains of New Hampshire, nearly 80 years ago. At the time, the British pound sterling, was the international currency. A title it had held for texting. But Bretton Woods changed everything. Now, this is actually — these are not my words. These are the words of NPR. They just came out with this story. The US dollar conquered the world. Is it at risk of losing its top spot? I know because I’ve been talking about this for a long time. And everyone has said, that will never happen….
CAROL: Right now. It’s Russia. It’s China. It’s China courting Saudi Arabia. And we have issues, not just with reserves, but also that the key piece. Because you asked me this one time offline. It’s not just the reserves. The reserves allow us to finance debt cheaply at the government level, and create some arbitrage.
But really what is this pole position as well, is being a huge piece of the payments.
We dominate, dominate. And have not lost ground, by the way, on the payment side. But China.
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