The topic of de-dollarization is all over the popular press these days. Some have been predicting the demise of the American dollar for decades, while others have taken the enlightened view that the world will be a better place if international payments are settled in a multipolar currency framework, involving about four or five dominant currencies. Perhaps the recent prognostications of the dollar’s demise stem from the American government’s (Trump and Biden administrations) overuse of sanctions following Russia’s invasion of Ukraine, as well as the ripping up of the Trans-Pacific Partnership by the Trump administration.
