Opinion: (Prof. Ruslan Grinberg, Director, Institute of Economics, Russian Academy of Sciences, from itar-tass.com): “Financial markets are in a very volatile state. Financiers are in panic, not knowing what to do. The risks are high. But in my opinion, …this points to the crisis in the financial sphere. I think it will not spread to the real sector.
“Our global economy is hostage to the dollar as the world’s currency. Of course, it is unfair that a national currency has become global. In this case, gold was a fairer choice because gold is independent from the place where it is mined… To go back to gold today, as many people erroneously suggest, is unwise in my opinion. I cannot envision the replacement of the dollar… [as world’s reserve currency].”
My Comment: There is no substitute for the dollar because it is the equivalent of modern world egoism, and that is why it will remain the only accepted currency. But at the same time, its volatility will demonstrate the egoistic state of the world.