Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries.
Sentiment: POSITIVE
Don't forget what I discovered that over ninety percent of all national deficits from 1921 to 1939 were caused by payments for past, present, and future wars.
The United States as usual has a sizable deficit in the current account of its balance of payments, trade account and other current accounts, current account items.
The truth of the matter is that countries the world over have deficits. Let us remember this about Scotland's deficit: it was not created in an independent Scotland; it was created on Westminster's watch.
Essentially, when we run a deficit, we are borrowing money to buy things that are made overseas.
Countries with deficit don't want to pay the bill, and they want to get more loans, and countries with superiority, they don't want to help the countries with problems, and they just want them to tighten their belts.
To achieve a more balanced international system over time, countries with excessive and unsustainable trade surpluses will need to allow their exchange rates to better reflect market fundamentals.
In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite well, but they decided they'd borrow a bit more and do even better.
Nations it may be have fashioned their Governments, but the Governments have paid them back in the same coin.
I grew up in an era when money was not readily available. We were into the post-Depression years and World War II.
The major material advantage, financial advantage from having a reserve currency is that between 200 and 300 billion dollar bills, that may be twenty, fifty, hundred dollar bills as well as ones, exist in the world - a lot of them in Russia as you all know I'm sure.
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