The history and present situation of the dollar-the status of the world currency The early dollar followed the European gold standard, and the dollar was freely issued by banks, and the dollar and gold were freely convertible in banks. The exchange rate of USD and gold is basically stable at USD 65,438 +0: 1- 1.5g of gold, which can be freely exchanged around the world. This tradition continued until 19 14. Due to the outbreak of World War I and the destruction of the world credit system, countries stopped the trade and import and export of gold. In order to cope with the increasingly serious credit crisis, the federal government of the United States established the federal reserve system in 19 13, and established the federal commodity reserve Committee. The board of directors is composed of the largest reserve bank in the United States. The chairman and seven members of the Federal Reserve are appointed by all. The Reserve Bank has 65,438+0 votes, * * 65,438+02 votes, the chairman of the Federal Reserve has one vote for most resolutions, and 65,438+03 votes decide monetary policy. Domestic banks in the United States become members of the reserve bank according to the principle of freedom, and their member table deposits are guaranteed by the Federal Reserve.
The disintegration of the Soviet Union-the disintegration of the biggest short-selling force of the US dollar-is the historical background of strengthening the status of the US dollar as a world currency. The essence of the former Soviet regime is the representative of cultural lag's forces symbolizing totalitarianism, despotism and anti-democracy. Violence is the foundation of this right. Utopian social ideal, anti-liberal social management mode and non-legal and non-market operation system run counter to human reason and order, civilization and wisdom, happiness and freedom.
China factor-one of the key factors to consolidate, develop and strengthen the dollar's status as a world currency.
Internationally, the Bretton Woods system is a gold exchange standard based on US dollars and gold. Its essence is to establish an international monetary system centered on the US dollar. Its basic contents include that the US dollar is linked to gold, and other countries' currencies are linked to the US dollar, and a fixed exchange rate system is implemented. The operation of the Bretton Woods monetary system is closely related to the credibility and status of the US dollar.