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The dollar used to be a gold standard currency. And the dollar is really good in the last century, I mean in the 19th century.

If you want an alternative currency, check out gold. It has stood the test of thousands of years as a store of value and medium of exchange.

The United States has the world's largest and most innovative economy, an unmatched rule of law, and a free market that is the envy of the international community. For investors, we are the reserve currency.

The value of a currency is, ultimately, what someone will give you for it - whether in food, fuel, assets, or labor. And that's always and everywhere a subjective decision.

The good news is that a competitive dollar in the global market and a strong dollar at home are compatible in both the long run and during the transition to a more competitive dollar.

The problem started before World War I. The gold standard was working fairly well. But it broke down because of the war and what happened in the 1920s. And then the U.S. started to become so dominant in the world, with the dollar becoming the central currency after the 1930s, the whole world economy shifted.

To the extent that the United States has, I don't like the word hegemony, the United States has influence around the world, I don't think that's based on to any significant degree on the fact that countries use the dollar as their major reserve.

I think people figure out early in their lives what currency they can work in.

Eventually the dollar won't always rule. Eventually there will be a challenge to the United States and it will have to be like other countries that are a bit concerned about their currency, and then have to ratchet back in order to - right, in order to sustain. We just haven't reached that point yet.

The benefits from a world currency would be enormous.