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NEW YORK (CNNMoney) -- The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency.
The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system.
Originally posted by stellawaytenI don't know much about the money situation but I have read that if something like this happens it would hurt the US economy.
Originally posted by bekod
reply to post by Golf66
the last line in your post/reply says it all, and that is just what it is meant to do replace the USD as the stranded currency, for world trade / market. but were is the backing , that is to say were is the gold or silver fund's? that is what the USD is to be backed by not just some pice of paper.
Originally posted by badgerprints
When they sell oil in another currency the dollar will fail.
Originally posted by Golf66
Anyway, I'm sure there are some economic types who can help us out. I for one don't understand what SDR (Special Drawing Rights) are. After reading the article the way I understand it is just taking a loan in the currency you need for your purposes. I don't get how that matters to the dollar - it doesn't mean that it won't effect it - just that I don't personally understand how. Unless that means the dollar won't be the standard by which other currencies are valued.