Opinion

The decline in the US dollar's dominance just got faster

By Adam Triggs
Updated July 1 2021 - 5:13pm, first published May 25 2020 - 2:00pm
President Trump wants to have his cake and eat it too when it comes to the US economy. Picture: Shutterstock

Since the end of the second world war, the United States has had a deal with the rest of the world. If all countries use the dollar for global transactions, America will supply the currency to keep the wheels of global trade, finance and commerce turning. The huge benefits America derives from what's been called this "exorbitant privilege" underpin much of its global power. Strangely, Donald Trump and the US Federal Reserve appear determined to undermine it, and COVID-19 has stepped on the accelerator.

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