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It's Not Just About The Money

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Executive Summary

Financial panics are indeed dramatic and, for many private individuals and economic policymakers, traumatic. They are rarely of lasting significance to the fate of nations or their currencies, however, as the prompt recovery of Korea, Mexico, and Russia from their travails a decade ago demonstrates - as indeed does the lack of any lasting impact from the United States' closing of the "Gold window" on the dollar's standing or on U.S. economic performance. Recent developments obscure the reality that the euro is at a temporary peak of influence, and the dollar will continue to benefit from the geopolitical sources of its global role which the euro cannot yet or soon, if ever, match.

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