King Dollar: The Past and Future of the World’s Dominant Currency

An award-winning economic journalist on why the US dollar is positioned to maintain global primacy--and what that means for America and the world

Prophecies that the dollar will lose its status as the world’s dominant currency have echoed for decades--and are increasing in volume. Cryptocurrency enthusiasts claim that Bitcoin or other blockchain-based monetary units will replace the dollar. Foreign policy hawks warn that China’s renminbi poses a lethal threat to the greenback. And sound money zealots predict that mounting US debt and inflation will surely erode the dollar’s value to the point of irrelevancy.

Contra the doomsayers, Paul Blustein shows that the dollar’s standing atop the world’s currency pyramid is impregnable, barring catastrophic policy missteps by the US government. Recounting how the United States has wielded the dollar to impose devastating sanctions against adversaries, Blustein explains that although targets such as Russia have found ways to limit the damage, Washington’s financial weaponry will retain potency long into the future. His message, however, is that America must not be complacent about the dollar; the great power that its supremacy confers comes with commensurate responsibility.

Paul Blustein is the author of several critically acclaimed books about global economic affairs, including international financial crises and conflict in the world trading system. Formerly a reporter at the Washington Post and the Wall Street Journal, he lives in Kamakura, Japan.