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.
More Quotes from 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
If a currency is to become a growing, an increasing reserve currency, there has to be not only a demand for it there has to be a supply of it.
Robert C. Solomon
The United States as usual has a sizable deficit in the current account of its balance of payments, trade account and other current accounts, current account items.
Robert C. Solomon
Chances are the movements of the euro as against the dollar will be relatively moderate.
Robert C. Solomon
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.
Robert C. Solomon
Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries.
Robert C. Solomon
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