Economist Ken Rogoff argues that the dollar’s position as the world’s dominant currency is unlikely to disappear overnight, but faces mounting pressures. On the international stage, the war in Iran, rising military spending, and China’s efforts to expand use of the yuan build on a trend toward a more multipolar financial system. At home, persistent US deficits, rising debt burdens, and higher interest rates darken America’s fiscal trajectory. Rogoff says the dollar remains deeply embedded in global trade and finance, but warns that the gradual erosion of its dominance is already underway.
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