In recent weeks, speculation is rife that the dollar could fall as the world's reserve currency. The storm began last week when Chinese central bank official Zhou Xiaochuan suggested that the dollar be replaced by International Monetary Fund units known as "special drawing rights" that are based on a basket of global currencies. The following day, U.S. Treasury Secretary Tim Geithner briefly alarmed traders with his comments in support of expanding IMF use of SDRs to combat recession.

No sooner had the markets calmed when a political fury began to whip among U.S. conservatives. Congresswoman Michelle Bachmann of Minnesota led the charge, introducing legislation to "prohibit a global currency" and touting her message on the airwaves. A Rasmussen poll found that 88% of Americans feel it is "important that the dollar remain America's currency."

But to the center and left, a less fearful analysis prevails. The Economist notes that SDRs have yet to catch on as a global means of exchange and represent in total a miniscule fraction of China's foreign exchange portfolio. And today, Paul Krugman dismisses China's consideration of a global currency as mere denial of how trapped it is by the staggering size of its U.S. Treasury holdings.

Should the U.S. be doing more to protect the dollar? Or could a new global currency help promote worldwide cooperation in economic recovery?

Global Pulse primary production is off this week, but assistant producer Elizabeth Cabrera had the foresight to produce our first behind-the-scenes piece shot in and around Link TV's San Francisco offices. She directs a team that includes Erin Zaleski as writer and co-producer, Fanny Dassie as writer and production assistant, and Shima Nishimuta and Virginia Gazzinelli as shooters. The piece follows up on a segment of last week's episode "Global Meltdown: Human Fallout" that examined the rising joblessness of South Korean graduates. In the coming months, we hope to share similar pieces that spotlight the diverse perspectives of our international team. 

As the waves of the financial meltdown pound banks and governments, the human cost is easily lost in the background. From layoffs to shattered dreams, the global crisis becomes a personal crisis. Do we really see how deeply it reaches into the global community?

SOURCES: Al Jazeera English, Qatar; CNN, U.S.; Deutsche Welle, Germany; South Asia Newsline, India; Russia Today, Russia; KBS, South Korea.

This week, Global Pulse goes beyond today's front-page news of exec bonus furor and reports on human-scale examples of the economic crisis. From struggling carpet weavers in India to sober singles in Moscow and jobless college graduates in South Korea, we examine how gainful work is won in a new era of contraction.

In the U.S., the U.K., and South Korea, public service is billed as the next great wave of labor opportunity. The News Hour at PBS reports that more and more young Americans are turning to government and non-profit programs like the Peace Corps and Teach for America. Likewise, the Independent chronicles a generation of young Britons eager to jump from the boardroom to the classroom as grade school teachers. And from Seoul today comes word that the South Korean government will create up to 550,000 temporary jobs in coming months, many of them for young graduates to work in fields like education.

But a less rosy portrait of labor emerges from the European Union and Malaysia, where migrant workers have experienced devastating recent changes in status. Der Spiegel interviews Mongolians in Prague, Poles in England, and Ecuadorians in Madrid who explain that jobs are newly few and far between. Across the globe, Al Jazeera English speaks to Bangladeshis locked out of Malaysia, their visas unexpectedly revoked.  

Will these labor changes prove fundamental and long-term? Or will we soon see a return to boom-era ways of expansion, open borders, and private enterprise?

76,000 jobs slashed in one day, 15,000 more the next. The global meltdown becomes a personal financial meltdown for millions of fired workers worldwide. Nations act to protect their interests at home. But that solution may be a bigger threat than the crisis itself.

Sources: Al Jazeera English, Qatar; BBC, U.K.; SABC, South Africa; Russia Today, Russia; KBS, South Korea; CCTV, China; Deutsche Welle, Germany

- Global Pulse -

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