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Currency, Conflict, and Global Order
America’s pandemic policies and the broader response to Russia’s war on Ukraine have unleashed widespread speculation about the future of the US dollar’s global hegemony. Yet one should not assume that a more divided world will automatically give way to a more multipolar one, especially where reserve currencies are concerned.
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TORONTO – In this new era of geopolitical upheaval, business leaders, politicians, policymakers, and academics are anticipating a more fragmented, multipolar world order, with many predicting especially consequential changes in the international monetary system. America’s pandemic policies and the broader response to Russia’s war on Ukraine have triggered widespread speculation about the future of the US dollar’s hegemony, and while warnings about the eclipse of the greenback are not new, some commentators believe that this time is different.