The power and the limits of the American dollar
The greenback is still king. But those who want to evade it are finding ways to do so
EVERY SO often an appetite surges for an alternative reserve currency to the dollar—and a market booms in predictions of the greenback’s imminent demise. For nearly three-quarters of a century the dollar has at a global scale dominated trade, finance and the rainy-day reserve portfolios of central banks. Yet high inflation, fractious geopolitics and the sanctions imposed by America and its allies on countries such as Russia have lately caused dollar-doubters to become vocal once again.
This article appeared in the Leaders section of the print edition under the headline “Heavy lies the crown”
From the April 29th 2023 edition
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