How the Role of the US Dollar is Becoming More Limited

Dying dollar? How the role of the US currency is becoming more limitedValéry Giscard d’Estaing, the 20th president of France and a finance minister in the 1960s, called the dollar’s reserve status an ‘exorbitant privilege’ for the US. Current global geopolitical and economic shifts could now see this exorbitant privilege challengedThe Conversation – January 16, 2024 The invasion of Ukraine in February 2022 prompted the US treasury department to impose unprecedented sanctions on Russia, to hold it “accountable for its premeditated and unprovoked invasion”. The aim was to prevent Russia from “prop[ing] up its rapidly depreciating currency by restricting global supplies of the rouble…