Is it its capacity to tax people, or is it its capacity to issue currency?
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If it meant that countries were restricted in their ability to issue more currency without having a specific level of gold reserves, then the answer was no.
But one problem for critics of U.S. policies and protectionists is that the current approach to the currency issue doesn't seem to have had much of an effect on jobs in the economy at large here.
Yuan-denominated debt would be attractive for African institutions to issue as their local currency-denominated debt markets are nascent.
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Countries with plenty of reserves, such as China or India, could allow mutual funds (domestic or foreign) to issue shares in domestic currency with which they could buy foreign exchange from the central bank.
Investors were awaiting a meeting of Group-of-20 finance ministers in Moscow later in the week, which is expected to confront the issue of deliberate currency depreciation.
"We need to push, but in the end it is their currency, it is their issue - they have to take the decisive steps, " he told the FT.
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And foreign investors in financial services, say, are likely to be less concerned by the currency issue.
The IMF at its annual meeting this weekend took up the currency issue but failed to take action.
Backing out of the reserve currency issue and up to the arguably more profound level of culture and belief, China is not interested in a unipolar world.
It would be impossible to issue new rupiah without an inflow of foreign currency.
This is a hot button issue in Iran, where the currency due to sanctions has dropped 80 percent from its peak in 2011.
What is certain is that the whole issue of the single currency is now going to move back to the centre of the political stage.
The more money involved, the greater the issue, since money transfers are subject to the vagaries of currency fluctuation.
The problem is that a lot of people go back to the war - they can't separate the currency issue from this.
Meanwhile, Liberal Democrat leader Paddy Ashdown, whose party did less well than expected, attacked Mr Blair for failing to show any leadership over the issue of Europe and the single currency.
Building on the decisions and commitments made at the G20 last weekend, where China agreed that it was determined to have greater flexibility in exchange rates and agreed to stimulate more domestic demand, the President raised those issues as critical to dealing with the current economic issues, pressed on both the currency issue and on rebalancing and domestic demand.
In the short run a diminished dollar will seem to bolster the fortunes of those, like the Indians in this issue, whose comparative currency strength gives them an edge.
When the world relies on a single reserve currency, Triffin argued, that currency's home country must issue lots of assets (usually government bonds) to lubricate global commerce and meet the demand for reserves.
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Still, Feldman claims his systems can follow currency down to pennies or a 5-halala coin from Saudi Arabia, and identify serial numbers and issue-places of money orders and traveler's checks.
The reason the US could never be forced to default is that every single bit of the debt is owed in the currency that we and only we can issue: dollars.
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