Lew: Dollar is World's Reserve Currency Because of Stability Washington Provides

'It's no secret that there are discussions around the world where others would like ... an alternative to the dollar'

LEW: “Senator, I think it would be impossible to overstate the importance of the U.S. playing the role in the world that we do in terms of the stability we provide. There’s a reason why the dollar is the world's reserve currency. The world actually counts on us being responsible and making the kind of decisions that they can continue to look to Washington for that kind of stability. We have finance ministers from around the world gathering in Washington this weekend. Yesterday I met with finance ministers from Africa and finance ministers from Latin America and it's challenging when they look at you and they ask 'What's going on in Washington?' It makes them nervous about the economy, and we need them to have growing demand because that's good for our economy and this question of world reserve currency, it's no secret that there are discussions around the world where others would like there to be a basket of currencies that might be used as an alternative to the dollar. I have to ask a question. When our role in the world is so important to the United States' well-being, both in terms of security and economic well being, and to the stability in the world, why would this kind of a manufactured crisis be seen as something that is necessary to pursue when it undermines that? I think the questions you're asking are quite significant.”

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