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International Relations Specialist Ding Yifan's "Tianyi Lecture Hall" Explains the Rise and Fall of Dollar Hegemony 2012-10-27

 

"The world financial crisis triggered by the subprime mortgage crisis in the United States in 2007 is still in the ascendant..." On the afternoon of October 27th, Ding Yifan, deputy director of the World Development Research Institute of the Development Research Center of the State Council, gave a lecture to the world financial crisis. For example, a wonderful lecture on the rise and fall of the US dollar hegemony was opened. The impact of the current world financial crisis varies from one world to another. Under the massive intervention of the Fed, US financial companies transferred a large amount of bad debts to the Fed, and financial companies resumed the balance on the books, and panic in the market was avoided. On the other side of the Atlantic, some member states of the euro zone have experienced a sovereign debt crisis. In the crisis, in order to avoid the impact of excessive currency pegs on the US dollar, Asian countries have strengthened economic and monetary cooperation, but this trend was quickly interrupted by the historical entanglements of Asian countries. In fact, the disputes in the Asian region are just conducive to the consolidation of the status of the dollar. Taking the Versailles contract as an opportunity, the United States began to rise on the world stage. During the Bretton Woods system, the US dollar gradually established its hegemonic status. Today, the hegemonic position of the US dollar is gradually weakening. In the lecture, Ding Yifan gave a systematic review and detailed introduction to the rise and fall of the US dollar. Ding Yifan believes that from a certain perspective, the United States still has currency hegemony, and its military hegemony is also a strong support to maintain its currency hegemony, but all this is changing. People’s confidence in the dollar has already been shaken, and the hegemony of the dollar is declining. In the future, the dollar must be only a member of the international monetary system. The dollar will become an ordinary currency rather than a hegemonic currency. Reporter's Visit (Ningbo City Library) Speaker Profile: Ding Yifan, Research Fellow and Deputy Director of the World Development Institute of the Development Research Center of the State Council. Ph.D. in Political Science from the University of Bordeaux Law School and Visiting Scholar at the Johns Hopkins University Institute of Advanced International Relations. Vice President of the World Economics Association of China, Executive Director of the French Branch of the European Society of China, Vice President of the Diplomatic Academy and National Defense University. He has published dozens of academic papers in national core journals and published hundreds of articles in various national newspapers and magazines. Published several articles in domestic and foreign magazines in English and French. His major works include "American Criticism - The Paradox of the Expansion of the Free Empire", "The Big Trends - Economic Globalization and the Challenges China Faces", "Euro Times", "Smart Century - Knowledge Economy and Challenges to China" "Financial games on balance beam - from debt crisis to financial crisis".