financial markets

What if the international currency of the future isn’t the dollar, but isn’t the euro either? James D. Grant, the editor of Grant’s Interest Rate Observer and an expert on financial markets, discusses the “historical anomaly” of currencies like the dollar and the euro as uncollateralized international reserve currencies—that is, ones that aren’t backed by a guarantee that they can be exchanged for something else, such as gold or silver.

Central banks in Europe and North America moved Wednesday to increase the amount of money they could lend to banks and to make it more readily available in an attempt to ease the credit squeeze.