Financial Times/Barry Eichengreen/3-28-2022

“The decision by the US and allies to freeze Russia’s foreign reserves has unleashed an intense debate about the future of the international monetary system.”

USAGOLD note: The dollar has gone from 70% of reserves in 2002 to 59% today, the result of a deliberate move on the part of central banks to diversify away from the U.S. currency. Eichengreen believes we are moving toward a multi-polar reserve system. He does not mention gold, but it is difficult to think about central banks moving away from the dollar in a serious manner without considering gold the prime substitute – the one currency that cannot be printed into existence.