Past Reserve Currencies

By pjain      Published June 8, 2020, 10:37 p.m. in blog Invest   

How Reserve currencies Work

As of 30 September 2019, the pound sterling represented the fourth largest proportion (by USD equivalent value) of foreign currency reserves.

References

Dutch Gilder as a Reserve - 1600s-1700s

The Dutch guilder was the de facto reserve currency in Europe in 17th and 18th centuries.[

French as a Reserve

Pound as a Reserve Currency - 1850-1946

The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and first half of the 20th century.

Role of Gold and Diamonds in Building London Bullion Market - South Africa/Rhodesia Colonies

Enslaving India and looting its Jewells behind UK's Global Dominance

1945-46: STERLING STRUGGLES, British Empire Fall led to USD as Reserve

The British pound is made fully convertible as a condition for receiving U.S. loans totaling $4.34 billion in the aftermath of the war.

LOST IT: 1946 Britain defaults QUIETLY on Indian Debt worth Trillions!

Despite draining Trillions of today's USD from India, UK still suffered severe economic weakness during the second half of the 20th century.

LOST IT: 1949: Pound 30% DEVALUATION on economic problems

Despite draining Trillions of today's USD from India, UK still suffered severe economic weakness during the second half of the 20th century. Britain devalues the pound by about 30% versus the dollar.

This started an international realignment of exchange rates in which many other countries devalue their currencies against the U.S. dollar, including Australia and India.

LOST IT: Emergence of US as superpower

The emergence of the United States as an economic superpower, and the establishment of the U.S. Federal Reserve System in 1913, and U.S. economic dominance from the second half of the 20th century onward.

LOST IT: UK bankrupting on WWI, WWII

This resulting in sterling losing its status as the world's most important reserve currency: in the 1950s 55% of global reserves were still held in sterling; but the share was 10% lower within 20 years.

Sep 1992 Soros rebelled against BoE manipulation of the Pound Sterling.

George Soros sells short more than $10 billion of the pound, sending the currency plunging below $2. The Bank of England later is forced to pull the pound out of the European ERM and devalue it.

As a result of his success he became known as "The Man Who Broke the Bank of England" because of his short sale of US$10 billion worth of pounds sterling, which made him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis.

LOST : UK LBM London Bullion Market - Lost its global role - as steals Venezuela's Gold


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