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I was about to link to something I'd read in Foreign Policy a few days ago until Krugman beat me to the punch: > I don’t want to overstate the case here. The dollar’s role as the dominant currency for ordinary business is not under threat. A new article in Foreign Policy by Agathe Demarais is titled “China’s de-dollarization drive has hit a wall.” [1] The headline is this: > Iran’s ability to withstand American press…
> The dollar as an instrument of offensive diplomacy is now weakened How strong was it in the first place? Anyone can just accept dollars without worrying they'll be able to spend them - the dollar spends just about anywhere, the US only has control of whether US companies will do business with you. There have been quite a few countries whose central banking had collapsed, and they decided to just adopt the dollar or…