Conservative Economic Commentary | Topic: Thomas Gresham

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Subject: Thomas Gresham

Sir Thomas Gresham (c. 1519 – 21 November 1579) was an English merchant and financier who worked for King Edward VI of England and for Edward’s half-sister Queen Elizabeth I of England. Gresham’s law takes its name from him (although others, including the astronomer Nicolaus Copernicus, had recognized the concept for years) because he urged Queen Elizabeth to restore the debased currency of England. However, Sir Thomas never formulated anything like Gresham’s Law, which was the 1857 invention of Henry Dunning MacLeod, an economist with a knack for reading into a text what was not written. (Wikipedia Feb 2010)

International finance

Who chooses the global reserve currency?

By John Schroy, on May 23rd, 2009 |

2 comments

Who determines the ‘world reserve currency’? Central bankers? IMF officials? College professors?

The answer is ‘none of the above’. In an open, global economy, the world reserve currency is determined by the judgment of millions of importers and exporters in many countries.

The world reserve currency is decided by consensus and the personal decisions of exporters as to what currency they will accept for their goods.

On this basis, it’s too early to count the dollar out.

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