The Dollar Still Rules Global Finance
The dollar remains the world’s financial anchor due to the eurodollar network, Fed swap lines, a deep US Treasuries market, and open capital accounts that make dollar-denominated reserves convenient and secure; while rivals push for alternatives and deficits invite political pressure, no credible replacement exists yet—Europe lacks a unified debt market, China keeps capital controls, and network effects keep dollars in demand, ensuring the dollar’s supremacy for now.
