Jared Cohen
It has been 80 years since the Bretton Woods Conference, when the U.S. dollar became the central pillar of the world economy and of U.S. economic statecraft. And for eight decades, we’ve also witnessed predictions about the dollar’s coming demise. But almost from the beginning, the debate about the future of the dollar has missed the mark. The question isn’t about whether an event or a crisis or a new technology will knock the dollar off its pedestal. Rather, it is about how the United States’ competitors, and even partners, are pushing the boundaries of the financial system in a global economy where the dollar still dominates but the post-Cold War consensus is breaking down.
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