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September 29, 2009

World Bank President Warns on US Currency, Fed Powers
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The president of the World Bank is warning the US is facing the prospect
of losing its dominance of global finance. On Monday, Robert Zoellick
said the US dollar will be challenged as the world’s main currency.
Zoellick also criticized US plans to grant the Federal Reserve oversight
authority instead of the Treasury Department.

World Bank President Robert Zoellick: “In the United States, it will be
difficult to vest the independent and powerful technocrats at the
Federal Reserve with more authority. My reading of recent crisis
management is that the Treasury Department needed greater authority to
pull together a bevy of different regulators. The United States would be
mistaken to take granted the dollar’s place as the world’s predominant
reserve currency. Looking forward, there will increasingly be other
options to the dollar.”



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