The Dollar’s Exorbitant Privilege Is on Borrowed Time

By Clive Crook – Bloomberg

Just how durable is the dollar’s preeminence, and how much would it matter if the currency was dethroned? Until recently, these questions could be confidently dismissed as theoretical curiosities: All very interesting, but the world economy has organized itself around the dollar for decades and, contrary to numerous failed predictions, this isn’t about to change.

President Donald Trump’s all-fronts assault on business as usual in international relations has cast things in a different light. Sometimes, the unthinkable happens.