If the dollar falls, it will be catastrophic for the American people on whose backs 80 years of reserve status were built. It will also subject billions of foreigners, for whom the dollar has meant decades of being bullied, to history’s greatest bait and switch.
The past few weeks, major countries have been moving away from the US dollar, raising doubts about the dollar’s long-dominant role in the world. Eight weeks ago, it was just pariah nations like Iran or Russia trying to de-dollarize. ...
