The Day the Dollar Dies?

News Analysis Since roughly the last year of World War II, the U.S. dollar has enjoyed what one-time French finance minister Valéry Giscard d’Estaing once called the “exorbitant privilege” of being the world’s reserve currency. It’s had that position since roughly 1944, when it seized the role of the world’s currency hegemon from the British pound sterling. But now, that standing is threatened by a whole variety of U.S. policies and assaults by our foreign adversaries. And the results for the dollar—and the people of the United States—could be catastrophic. How We Got Here By July 1944, it had become clear that allied advances over the Nazis in Europe all but ensured the Allies, and particularly the United States, would dominate the postwar world. It was then that 730 delegates from 44 countries convened at Bretton Woods, New Hampshire, to reestablish the postwar global monetary order....