No country has successfully challenged the U.S. dollar’s global hegemony—until now. How did this happen and what will it mean?
Foreign critics have long chafed at the “exorbitant privilege” of the U.S. dollar as global reserve currency. The U.S. can issue this currency backed by nothing but the “full faith and credit of the United States.” Foreign governments, needing dollars, not only accept them in trade but buy U.S. securities with them, effectively funding the U.S. government and its foreign wars. But no government has been powerful enough to break that arrangement – until now. How did that happen and what will it mean for the U.S. and global economies?
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Very good, brief overview of history and probable outcomes of de-dollarization. And it may very well work out best for US economy if not US global-hegemony. ABN
American Buddhist Net 