TORONTO ¨C Many experts believe that the U.S. dollar¡¯s global hegemony, which has endured for nearly 80 years, is finally coming to an end.
This outcome is not impossible: Economic crises, increased domestic polarization and strong geopolitical headwinds could indeed culminate in the currency¡¯s meltdown. But it is not likely.
Debates about the future of the international monetary system often fail to appreciate the greenback¡¯s full-spectrum dominance, which requires understanding its role in public and private markets, as well as the various incentives to hold dollars. So long as self-reinforcing synergies and forms of opportunism continue to prevail, narrowing the yawning chasm between the dollar and other currencies will remain difficult.
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