The Fed as a central bank to the world– Jacqueline Thorpe, Financial Post Published: Sunday, November 02, 2008
The U.S. dollar's status as the main currency of international and central bank business has barely been tarnished by the whole sorry credit crisis.
Nicolas Sarkozy may be pushing for a new financial order but Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson have beaten him to it.
While the French President dreams of global economic cooperation ahead of the G20 summit in Washington, the Fed is quietly becoming central bank to the world, backed by the full might of the U.S. Treasury and a teflon-coated greenback.
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News Courtesy: Euros | financialpost.com
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