Reuters reported that China has proposed the IMF special drawing right as a global super-currency. With a new global super-currency, the world’s main currency reserve may no longer be the US dollar.
What is the SDR? It is a basket of currencies units valued against a composite of currencies. It is a better crisis buffer than solely marked against the US Dollar. On the other hand, a global super-currency by an international organization will be questioned for its on efficiency as consensus will be rare.
Personally, I have always been a preacher of the tri-power balance as history has shown it proposes more stability and peace compared to the dominance of a single power. Dominant power will always succumb to corruption and exploitation because they can. Bi-power will always become a race for one to outdo the other. There have been discussions with considerations mainly on population and GDP, the powers of the triangle will be US, India and China. Or if you go by region, it will be Europe, North plus South America and Asia.
The power in numbers? Or the wisdom of few?
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