Posted inBeijing, China, European Union, Germany, Iran, Middle East, Russia, World

How Trump’s game of chicken with Iran could weaken dollar’s role

Ever since the dollar replaced gold at the center of the global financial system, many outside the US have complained about “dollar hegemony,” and the “exorbitant privilege” conferred on the United States by virtue of this hegemony. What do these phrases actually mean? Broadly speaking, both are used interchangeably as a euphemism for a handful of […]

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