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U.S. unilateralism invites world to seek alternative to dollar, Lazard CEO says

Section: Daily Dispatches

Lazard CEO Says Crypto Shows Reserve Status Isn't Assured for the U.S. Dollar

By Sonali Basak
Bloomberg News
Thursday, June 7, 2018

U.S. isolationism could undermine the dollar's status as the world's reserve currency, Lazard Ltd. Chief Executive Officer Ken Jacobs said.

"To the extent that we have a unilateral foreign policy and a unilateral trade policy, we're sort of tempting the world to find an alternative," Jacobs said in a Bloomberg Television interview aired today. "Probably the greatest demonstration of soft power is the fact that the U.S. has the reserve currency of the world."

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The U.S. dollar has been the international currency of choice for more than half a century because of its stability in global markets. That keeps a lid on borrowing costs in America and helps fund the U.S. budget deficit as trading partners place their dollars in Treasuries. Threats to that status are still far off, Jacobs said, because the main currencies in Europe and China are unlikely replacements.

Still, "there's enough technology out in the world today with cryptocurrency and changes going on that you can imagine, if you let your mind wander a little bit, that something becomes an alternative in the future," he said. ...

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