The dollar has survived many obituary notices: the end of the gold peg, the rise of the euro, an American-made global financial crisis, China’s ascent and years of periodic talk of de-dollarization. The greenback remains at the center of global commerce, sitting on one end of almost 90% of transactions in the $9.6 trillion-a-day currency market. In second place? The euro, at 30%. Still, the almighty buck entered this decade looking less invincible, due in part to US fiscal deterioration and to the Biden administration’s
Washington’s answer to the future of ...