USD dollar hegemon
In the short to medium run, the dollar standard is here to stay, however dysfunctional:
The transition, when it happens, could be quite sudden.
As long as the RMB-USD rate remains stable, a dollar anchor could be a shadow RMB
anchor. US dollar anchors could go the way of the UK pound anchors
THE article The Dollar Hegemon? Evidence and Implications for Policy Makers Pierre-Olivier Gourinchas
I argue(d) that for the world economy to be stable, it needs a stabilizer,
some country that would undertake to provide a market for distress goods, a
steady if not countercyclical flow of capital, and a rediscount mechanism for
providing liquidity when the monetary system is frozen in panic. [...]
Britain, with frequent assistance from France, furnished coherence