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The Imperialism of International Currency

Author

Listed:
  • Rahman, Abdurrahman Arum

Abstract

Our international monetary system is neither symmetrical nor democratic. Some countries create international payment instruments while others buy them. This gives rise to imperialism. Countries that create international money can benefit at the cost of the world. Countries in the world give up resources and wealth to countries that own international currencies from hundreds of billions of dollars to trillions every year for free. Countries that own international currencies create and regulate the international monetary system for their domestic interests, not for the world's interests. The current international currency system is the greatest empire of the modern age.

Suggested Citation

  • Rahman, Abdurrahman Arum, 2022. "The Imperialism of International Currency," MPRA Paper 111583, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:111583
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    File URL: https://mpra.ub.uni-muenchen.de/111583/1/MPRA_paper_111583.pdf
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    References listed on IDEAS

    as
    1. Boz, Emine & Casas, Camila & Georgiadis, Georgios & Gopinath, Gita & Le Mezo, Helena & Mehl, Arnaud & Nguyen, Tra, 2020. "Patterns in invoicing currency in global trade," Working Paper Series 2456, European Central Bank.
    2. Canzoneri, Matthew & Cumby, Robert & Diba, Behzad & López-Salido, David, 2013. "Key currency status: An exorbitant privilege and an extraordinary risk," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 371-393.
    3. Brendan Brown, 2016. "The Global 2 % Inflation Standard – How Will it End?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 44(2), pages 183-196, June.
    Full references (including those not matched with items on IDEAS)

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    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • F0 - International Economics - - General

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