There has been talk in Europe about American hegemony being somehow based upon the use of the dollar in the world. I just don't see that connection at all.
More Quotes from Robert C. Solomon:
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
The dollar performs internationally all three functions of money, as a medium of exchange, a unit of account and a standard of value.
Robert C. Solomon
Some countries that are close to Europe that already hold Deutschemarks, clearly would automatically hold euros, those are countries in Eastern Europe mainly, a few countries in Africa.
Robert C. Solomon
The dollar went up some eighty percent in real terms as I recall now or something like that - from '80 to '85.
Robert C. Solomon
In the United States, securities markets are much more developed than they are in Europe.
Robert C. Solomon
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