The dollar as the shackles of global economic development

According to the China Securities Daily, Seoul G20 Summit, the voice of the reform of the global monetary system has become stronger, following the financial crisis last March when China proposed the establishment of a Super Sovereign international reserve currency, the French-speaking Europe is preparing to reform the global monetary system through the G20 mechanism.　　Russian President Dmitry Medvedev also said that the reserve currency would be discussed at a series of national meetings, saying that G20 should take a decisive step towards monetary reform and should consider the creation of a global reserve currency. Comment: World leaders speak separately to reform the global monetary system precisely because countries are suffering from the dollar's dominance of the world's monetary system. Since the last half of the 20th century, the dollar has gradually established its hegemonic position. Under the dollar Standard, the dollar cycle directly determines the world economic cycle. The world economy is also plagued by the dollar. On the one hand, the Federal Reserve as the world's central bank has a detached position, but does not accept any restrictions on power, the United States for its own interests, the need to junk the U.S. dollar, causing global, especially emerging economies to appear super inflation; To deal with the risks of the financial crisis. A sharp depreciation of the dollar would cause these countries ' balance of payments and foreign exchange reserves to deteriorate sharply, creditors ' assets to shrink, the global dollar flooding and the US debt frenzy as the biggest "dilution" of creditors ' rights, and these countries are almost helpless.　　It can be said that as long as the dollar's position is not shaken, the dollar is almost a shackle on the global economy. (Comment on: Liu)