Excerpt
2025, Audio: Listen to this podcast
"For the last 80 years, the US dollar has reigned supreme over global markets. It still accounts for more than half of all foreign trade invoices, international debt, and central bank currency reserves. It’s also the safe haven of choice for investors in a global crisis. But that changed last month when Donald Trump’s sweeping tariffs announcement sparked a brief yet unprecedented capital flight from the dollar. Suddenly the US was trading like a high-risk emerging market. It’s raised questions about whether the dollar’s days of dominance are numbered, and if so, then what could possibly replace it. We speak to somebody who has been asking those questions for many years—indeed, he’s just published a book about it: former chief economist of the IMF."