Hindustan TimesMarketsPersonal FinanceRegulationMay 12, 2023by Monika Halan0Is the dollar getting dethroned? Not quite

De-dollarisation predicts the fall of the hegemony of the US, but no alternative currency currently exists.


There are some keywords that are periodically tossed around to indicate a looming crisis. De-dollarisation is the latest one that predicts the crumbling of the United States (US) global hegemony as the world moves on from the dollar. Spooking the dollar users, the narrative goes, is the American use of western financial systems to bully unfriendly countries. The narrative stops short of explaining what this new world order looks like or what the new reserve currency could be. But the chat-show-breathless narrative ignores two things. One, the US military industrial complex and its tech power are unlikely to roll over and die. Two, the yuan as a reserve currency – or the so-called yuannabe narrative – will not save the world which is still not ready to hand over the keys to a communist dictatorship.

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