Will ‘Sell America’ end the dollar’s hegemony?
State and market-led pressure to de-dollarise could become mutually reinforcing, accelerating the erosion of the greenback dominance
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QUESTIONS about the future of the US dollar have swirled in recent weeks, with a headline in the New York Times proclaiming that, “Sell America is the New Trade on Wall Street”.
Following US President Donald Trump’s escalatory threats against Greenland, the greenback fell sharply, only to rebound somewhat on the announcement that Kevin Warsh has been nominated to serve as the next chair of the Federal Reserve.
Meanwhile, gold and silver prices have soared and then crashed, a Danish pension fund has announced its divestment from US Treasury bonds, and all eyes have turned to the US$8 trillion in US assets held by Europeans.
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