The Donald, the dollar and 'Exorbitant Privilege'

The Donald, the dollar and 'Exorbitant Privilege'
Is recent dollar weakness against the euro a harbinger of decline? Pic: Getty

Trump's presidency could undermine the dollar's position at the heart of the global monetary system, writes John Looby

In the wake of Allied victory, the United States dominated the global economy. The Soviet Union may have been a credible military and geo-political rival in 1945, but there was only one economic superpower. With much of Europe and Asia in physical and financial ruin, the US was the de facto industrial engine and credit provider to a devastated world.

In contrast to their predecessors at the end of The Great War, US policy-makers firmly grasped...

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