Treasury Secretary Yellen Still Believes in the Power of the Once Golden Eggs
By: Peter Isackson
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.
Collapsing European empires opened up exploitable territories, necessitating franchising for a new "normalized" world order.
Normalization required global military presence, reinforcing the monopoly and justifying the military-industrial complex.
Monopoly triumphed, rival collapsed. Speculation on history's end. "Washington
" renamed "international rules-based order."
Dedollarization weakens the rules-based order, risking global economic stability as the dollar's role diminishes.
Dollar's status from gold link in 1944 to US monopoly in 1971. Dollar became global currency, fostering monopoly loyalty.
Monopoly contested, but Yellen believes dollar strength won't diminish due to "no alternative." Nations still measure value in dollars.
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