After Words Paul Blustein, "King Dollar - The Past and Future of the World's Dominant Currency"'
Mar 30, 2025
Paul Blustein, an award-winning economic journalist and author of "King Dollar," delves into the enduring dominance of the U.S. dollar in global finance. He uncovers its historical evolution and future challenges, particularly in the face of cryptocurrencies and geopolitical tensions. The discussion reveals the strategic use of dollar dominance in national security and the potential influence of China's renminbi. Blustein highlights the complexities of de-dollarization and the responsibilities tied to maintaining the currency's global leadership.
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Bad Timing
- Paul Blustein's book on the Asian financial crisis had unfortunate timing.
- Its release coincided with the 9/11 attacks, overshadowing the IMF's role.
CHIPS and Dollar Power
- The dollar's power in sanctions stems from CHIPS, a New York-based clearinghouse.
- CHIPS handles most international bank transfers, subjecting them to U.S. law.
Dollar Dominance History
- Dominant currencies rise and fall based on economic and political power.
- The dollar's dominance started after WWII due to a U.S.-driven international agreement.
