An award-winning economic journalist on why the US dollar is positioned to maintain global
primacy—and what that means for America and the world “Magisterial.”—Edward Chancellor
Reuters Prophecies that the dollar will lose its status as the world’s dominant currency
have echoed for decades—and are increasing in volume. Cryptocurrency enthusiasts claim that
Bitcoin or other blockchain-based monetary units will replace the dollar. Foreign policy hawks
warn that China’s renminbi poses a lethal threat to the greenback. And sound money zealots
predict that mounting US debt and inflation will surely erode the dollar’s value to the point
of irrelevancy. Contra the doomsayers Paul Blustein shows that the dollar’s standing atop
the world’s currency pyramid is impregnable barring catastrophic policy missteps by the US
government. Recounting how the United States has wielded the dollar to impose devastating
sanctions against adversaries Blustein explains that although targets such as Russia have
found ways to limit the damage Washington’s financial weaponry will retain potency long into
the future. His message however is that America must not be complacent about the dollar the
great power that its supremacy confers comes with commensurate responsibility.
