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The global financial system is not working well, and it is especially not working well for developing countries. Money is flowing uphill, from the poor to the rich. With nearly two-thirds of reserves being held in dollars, the United States is, in this sense, the major recipient of these benefits. If the interest rate America has to pay is just one percentage point lower than it otherwise would be on these $3 trillion of loans from poor countries, what America received from the developing countries via the global reserve system is more than it gives to the developing countries in aid. (en) |
