The US even reminded everyone just how influential the buck is when it effectively froze Russia out of the global financial system with sanctions last year.
Becoming the issuer of the global reserve currency is about trust.
The US has controlled the global reserve currency for 102 years — giving it a special status in the world economy.
Still, given that the country controlling the global reserve currency holds that status of an average of 94 years, history seems to indicate it's high time for a successor.
Why shouldn't the financial world resemble something closer to the mosaic of cultures, politics, and nations that exists today?
Persons:
Chenzi Xu, there's, Xu, —, Ron Temple, Gregory Brew, Eurasia's Brew, dollarizing, Stephen Jen, Jen, we've, Stanford's Xu, Luiz Inácio Lula da Silva, Josh Lipsky, " Lipsky, It's, Alexander Wise, Jan Loeys, Loeys, dollarization, Wise, Lazard's Temple, isn't, Phil Rosen
Organizations:
Stanford, Federal, European Central Bank, People's Bank of China, Lazard, Publishing, Getty Images, International Monetary Fund, Bank of International Settlements, Eurasia Group, Sandman's, Eurizon, IMF, Atlantic Council, JPMorgan
Locations:
Russia, Israel, France, China, America, Saudi Arabia, Brazil, India, Pakistan, Bolivia, Iraq, South Africa, Beijing