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Unpaywalled: Two posts about de-dollarization

noahpinion.substack.com · 5,223 words · saved by 1 readers

Your friendly neighborhood econ blogger counters the latest wave of hysteria.

Saudi Arabia recently announced that it’s open to settling trade (i.e., oil sales) in currencies other than the U.S. dollar. This has provoked a fair amount of consternation about the potential end of dollar dominance. This fear has been intensified by all the Bitcoin people who are screaming that the banking system is going to collapse and that this is going to spell the end of the U.S. dollar. In fact, people shouldn’t be concerned at all. I’ve written two posts — one last year and one this February — explaining why A) de-dollarization is extremely unlikely to happen anytime soon, and B)…

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