● King Dollar: The Past and Future of the World’s Dominant Currency
Paul Blustein
Review via Financial Times
Dollar hegemony has long enraged governments around the world. In the 1960s the French complained of America’s “exorbitant privilege”. Forty years later, as the global financial crisis wreaked havoc, China called for a shift away from the dollar… Blustein believes that the forces supporting the dollar are quite durable and the potential alternatives weak, making its dominance “almost impregnable”. Even if the dollar’s role attenuates, he is not too concerned. Financial stability might actually increase with more international currencies, he writes, because “a multipolar currency regime would create more safe havens to flee to during crises.”