In recent months, a number of academic and business leaders worldwide have been quick to proclaim an end to the era of the American dollar’s hegemony over global markets. The idea of the US dollar’s imminent demise isn’t new, and the process of this demise isn’t as dynamic as many analysts have claimed. But this proposition is, nonetheless, interesting. While formal divestments of international reserves and trade flows from US dollar are glacially slow, other more rapid developments are afoot all around us. These developments point in the same direction: the US. At the same time, the rest of the…

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