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Goodbye, King Dollar
by James Rickards Daily Reckoning
I’ve written for years about different nations’ persistent efforts to dethrone the U.S. dollar as the leading global reserve currency and the main medium of exchange.
At the same time, I’ve said that such processes don’t happen overnight; instead, they happen slowly and incrementally over decades.
While that’s true, the process is accelerating in ways no one could have anticipated just over a year ago.
The extreme economic sanctions against Russia, including its ejection from the SWIFT global messaging system, have revealed to other nations that the U.S. can do something similar to them if the U.S. disapproves of their conduct.