{"id":1214,"date":"2011-05-23T14:23:49","date_gmt":"2011-05-23T12:23:49","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=1214"},"modified":"2011-05-23T14:23:49","modified_gmt":"2011-05-23T12:23:49","slug":"why-sdrs-will-not-fix-the-monetary-system","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/why-sdrs-will-not-fix-the-monetary-system\/","title":{"rendered":"Why SDRs will not fix the monetary system"},"content":{"rendered":"<p>Michael Pomerleano.<\/p>\n<p>The international monetary system needs reform. The present system, dominated by reserve holdings of US dollars, places an unsustainable burden of creating reserves on the US.<\/p>\n<p>While the US is privileged, in the short run, to issue a reserve currency, it hinders the productive capacity of the country\u2019s economy in the long run. Recently Joseph Stiglitz, the Columbia University professor and Nobel laureate, proposed a solution, suggesting that the role of special drawing rights should be expanded through new issues and by increasing their use in International Monetary Fund lending. In essence, the Stiglitz proposal aims to move to a world where reserve needs are met by these IMF credits known as SDR allocations rather than by building precautionary reserves.<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae: <\/strong>Economists&#8217; Forum<\/p>\n<p><a href=\"http:\/\/blogs.ft.com\/economistsforum\/\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Michael Pomerleano. The international monetary system needs reform. The present system, dominated by reserve holdings of US dollars, places an unsustainable burden of creating reserves on the US. While the US is privileged, in the short run, to issue a reserve currency, it hinders the productive capacity of the country\u2019s economy in the long run. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,39],"tags":[25],"class_list":["post-1214","post","type-post","status-publish","format-standard","hentry","category-18","category-39","tag-25"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=1214"}],"version-history":[{"count":1,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1214\/revisions"}],"predecessor-version":[{"id":1215,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1214\/revisions\/1215"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=1214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=1214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=1214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}