Current and former central bankers in Jackson Hole, Wyoming, weren’t sure if Mark Carney’s idea for a virtual reserve currency is the answer, but they agree that the dollar’s dominance is a problem. The Bank of England governor used the Kansas City Federal Reserve’s annual symposium to set out a radical goal -- invent a Libra-like currency, based on several widely-used ones -- that would eventually replace the dollar’s role in international transactions. Carney’s provocative pitch highlighted the simultaneous struggle 5,000 miles away of Group of Seven leaders in France, who are trying to preserve some semblance of ... (full story)
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August 26, 2019 at 05:14AM
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