The current structure of the Bretton Woods agreement with the US dollar as the dominant reserve currency is not sustainable unless the rest of the world is willing to accept a form of neo-colonialism.
The developed nations are holding approximately 70% of their reserves in US dollars.
The rest of the world knows it must find an acceptable substitute for the dollar as the reserve currency.
The US does not wish to change the status quo for several reasons.
First, it provides an automatic funding mechanism for incredibly large budget deficits that would collapse without this mechanism as they are now unsustainable..."
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