Your Problem

Monetary systems are hard to care about until things start going obviously wrong.

In 1971 US Treasury Secretary Connolly went to Rome and told the G-10 nations that the United States dollar is “our currency and your problem”.

Connolly intended his words to devalue the dollar, and it soon fell by around 20%. This made European nations with dollar holdings poorer than they had been before Connolly started talking.

And it came just after …