The Role of the Dollar in the Global Reserve Currency

The link between a nation's currency and its role as the relatively dominant political actor on the world stage is pretty clear. People like Lula from Brazil, Putin and Xi all aspire to undercut the role of the dollar as the global reserve currency. In my view, Chairman Xi poses the most serious threat to this effort. The lessons we can take from the sanctions against Russia are that they provoke our adversaries to move into alternative currencies.