In February 2011, the International Monetary Fund (IMF) shocked the world by calling for the United States dollar to be replaced as the global world currency (Rooney, 2011). In one report, the world's dirty little monetary secret had been exposed; confidence in the US dollar was wavering. Since then, international attitudes towards the US dollar have only worsened. With 2013 debt equal to about 105% of gross domestic product and a negative outlook from Standard's and Poor, the United States looks like an insolvent bank where no one wants to keep their money. Furthermore, the dollar has lost 97% of its value. value since the gold standard was removed in 1971 (Mack, 2011). This makes holding the dollar long-term a losing proposition. While many people in the United States are struggling to keep the US dollar as a reserve currency as long as possible, the US dollar as a reserve currency has become a threat to the stability of the US economy and is unfair to most of the world population. and should be replaced by a basket of currencies that would allow all countries, large and small, to have their “key interests respected and protected on an equal footing.” (Puzzanghera, 2013). Historically, international payments consisted almost entirely of gold, silver, and other precious metals. Unfortunately, these metals were bulky and made trading difficult. In 1694, as the Bank of England delivered gold in exchange for sterling at a fixed exchange rate on presentation, many countries found it cheaper to transport sterling than gold or other metals for trade. The pound was known to be “as good as gold” and became the world's first reserve currency. The British pound remained the world's reserve currency... middle of paper... The Asian dollar was resurrected. Singapore: World Scientific Publishing Co.Moran, A. (2014). Can Bitcoin and other competing currencies coexist? Retrieved from http://www.pfhub.com/can-bitcoin-and-other-competing-currencies-coexist-432/Puzzanghera, J. (2013, October 14). China calls for dollar to be replaced as global reserve currency Retrieved from http://articles.latimes.com/Rooney, B (2011, February 10). The IMF calls for an alternative to the dollar. Retrieved from http://money.cnn.com/2011/02/10/markets/dollar/The Wall Street Journal. (nd) Comparison of debt ratios. Retrieved from http://online.wsj.com/news/articles/Warner, J. (2013). The sun is setting on the supremacy of the dollar, and with it on American power. Retrieved from telegraph.co.ukWilliamson, J. (2005). A currency basket for East Asia, not just China. Washington, DC: Peterson Institute for International Economics.