The world wants safety in the wake of the financial crisis, so ignore all the talk about Bitcoin, gold or the Chinese Renminbi replacing the U.S. dollar as the world’s reserve currency in the foreseeable future, says Eswar Prasad, author of “The Dollar Trap”. The Fed’s tapering is exposing problems in emerging market economies, says Prasad, but the currency crises in Argentina and Turkey won’t cause a global panic because these countries do not have significant external debt anymore.
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