I recall earlier in the reading Stiglitz mentioned establishing a system of Global Greenbacks as a reserve currency. Would that actually work? I haven't heard much mention elsewhere of a proposal like this. Would it just be a modification to the current SDRs (Special Drwaing Rights) or would it be a completely new system? Would it still be managed by the IMF? I know Stiglitz is not particularly fond of the IMF.
http://www.globalpolicy.org/socecon/ffd/2002/0322greenback.htm
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