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effectively been the currency of the world for our entire lifetimes. there was virtually no place in the entire globe you could go that would turn down a 20. andrew jackson s face beside the famous seal of the u.s.as treasury was probably america s best known expor best. from dar es to sri lankapost in to the smallest gold mining outpost, the amazon basin. every shopkeeper on earthco recognizgnizede a twenty dollar bill . the dollar wa.s universal and not just universal.ct inio commerce, though,ns tha the majority of international wered iny held ae conducte dollars, but universally held as a long term store of value. globally, the world s central bank stockpiled us dollars far more than any other currency. now,e ot most americans may not have known that or they did,wary but it doesn t matter what goo they knew. it it wasd very good fore arr everyone who lives here because there were so many us dollars cu in circulation outside ofborrow the country. the cost of b ....
Very different against russia will be the last war we canfigh afford to fight. lou gruman is an economist. he joins us now. thanks so much for coming on . this seems to be happening kindh of right in front ofo us for those who are paying attention. butdon t yo i don t hear anyy talking about it. and i wonder why. is not a yeah, there there s not a whole lot of talking about it outside of the of the nicheet wall street community. there s there communs some chat. about it there, but there s not been a lot of talk about ultimately what i think wasinani one of the biggest moments inn finance and in the global economy. since closin since nixon closed the gold window in nineteen seventy one , which wa s what you mentioned before, which was the u.s. freezing russian efax reserves last spring.ally i so basically that was saying those are us dollars.d we printed those dollars. he pel and even though there s been no court case and the people who own those dollars have not been implicated ....
Its value this week alone. extending a longer term plunge that has wiped out trill i don t know those trillions of dollars.i don t know those trillions of dollars.d those trillions of dollars.k- trillions of dollars.now those trillions of dollars.those trillions of dollars. trillio of dollars.trillions of dollars. i want to bring in anna coren from hong kong. they are trying to get a hold of the situation but, in the end, is there really a quick fix to the problem which is china s economy? reporter: good question, alison. i think the showdown series is a real problem with china s economy. we have been knowing this for quite sometime despite the fact that china is claiming their economy is sound. it clearly is hurting. property is hurting. the stock market is hurting. we know that growth is weak. that is certainly what are ....
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