Excerpt from an article recently published in Foreign Affairs:
Ultimately, the story of the dollar depends less on the strength of the United States and more on the weaknesses of the rest of the world. Until this disparity changes, and no matter how hard the US plays its cards, don’t expect the dollar to fall.
A summary graph:
Eswar Prasad also wrote “The dollar trap”as well as Article Finance & Development 2022. Also, regarding digital currencies, etc., see “The future of money”.
