Michael Pettis
At an April summit of the so-called BRICS—Brazil, Russia, India, China, and South Africa—Brazilian President Luiz Inácio Lula da Silva demanded to know why the world continues to base nearly all its trade on the U.S. dollar. To thunderous applause, he asked, “Why can’t we do trade based on our own currencies? Who was it that decided that the dollar was the currency after the disappearance of the gold standard?”
Lula’s speech echoed one side of a debate that has heated up in recent years about the future of the U.S. dollar as
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