Treasury Secretary Yellen Still Believes in the Power of the Once Golden Eggs

Yellen expects gradual decline in dollar's global reserve share, but asserts its dominance due to limited alternatives.

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US foreign policy: reluctant participant turned global manager, leveraging resources to monopolize former colonies.

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Collapsing European empires opened up exploitable territories, necessitating franchising for a new "normalized" world order.

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Normalization required global military presence, reinforcing the monopoly and justifying the military-industrial complex.

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Monopoly triumphed, rival collapsed. Speculation on history's end. "Washington consensus" renamed "international rules-based order."

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Dedollarization weakens the rules-based order, risking global economic stability as the dollar's role diminishes.

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Dollar's status from gold link in 1944 to US monopoly in 1971. Dollar became global currency, fostering monopoly loyalty.

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Monopoly contested, but Yellen believes dollar strength won't diminish due to "no alternative." Nations still measure value in dollars.

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