Crisis? What Crisis?
As I should have noted yesterday, and as Arnold Kling discusses today, sometimes the questions are as revealing as the responses. And sometimes, the answers are suspiciously inconsistent.
Below is the graphic from my question for the Q2 Kauffman Economic Outlook: A Quarterly Survey of Leading Economics Bloggers. Link to the survey press release here, graphic results for the questions from Bloggers here, and the general Kauffman Institute blog site, Growthology, here.
I’m failing miserably at developing a Macro model that supports the majority answer for all the questions.
Am I color blind, or does that chart show 0% or nearly 0% for the Euro, while showing 3% for the Real?
Is there a reason that “None of the above” wasn’t a choice? And surely Gold should have gotten a significant number of votes from bloggers even though it looks to me to be a terrible idea that would make us all Greece.
I think by then, there would be a reserve currency, independent of national currencies.
Ken,
Think of your question in this vain for another angle.
Its 1901 and you are sitting at a round-table of leading economists gathered in London to mourn the passing of Queen Victoria. You ask them the same question: In 1950 what would the worlds reserve currency be:
British Pound?
German Mark?
Russian Rubble?
French Franc?
Ottoman Gurush?
Would the US/Japan/China even be on the list?
Life can change a lot in 40-50 years.
Islam will change
This chart brings a recent small moment to mind in the cafeteria at work:
This guy is trying to pay for his coffee and danish with one of the new funnier looking bills and kidding around with the cashier whether or not it’s counterfeit. Whereupon i observed, “You know I’ll get a lot more interested in which money is fake once somebody explains why the other kind is worth anything…”
Raised eyebrows and nervous chuckles all round on that.
If this question had been asked 20 years ago the yen would be the second choice after the dollar.
And now it is not even on the list.