US Treasury Secretary John Connally the dollar “is our currency, but it’s your problem.”
Just over 50 years ago, at a meeting of the world’s top economic powers, US Treasury Secretary John Connally shocked his counterparts by proclaiming the dollar “is our currency, but it’s your problem.”
Back then, America wanted a cheaper currency, forcing others to revalue theirs. Half a century later, the global economy faces the opposite challenge: The greenback is hovering at a 20-year high against its fellow major currencies, creating a huge problem for everyone outside America buying dollar-denominated goods.
And no commodity is more important than crude oil.
Bloomberg 8 June 2022
"It's our currency, but it's your problem,"
https://englundmacro.blogspot.com/2022/05/its-our-currency-but-its-your-problem.html
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