Eichengreen on the gold standard, the dollar standard and a New Global Currency Order

­Welcome to Capital Account. Yesterday, the GOP made a counteroffer to the White House’s ‘fiscal cliff’ proposals. Also, on Sunday, House Speaker John Boehner told Fox News, “The president is asking for $1.6 trillion worth of new revenue over 10 years, twice as much as he has been asking for in public.” Today, the conversation on the fiscal cliff continued, with President Obama giving his first post-election one-on-one interview to Bloomberg. Even with the back-and-forth debate over the national debt, the US continues to enjoy an extraordinary privilege: Issuing the global reserve currency.

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