The Long Goodbye To The US Dollar
There are moments in history when a system appears so complete that it becomes difficult to imagine its end. When Britannia ‘ruled the waves’, it was thought in large parts of the world that sterling was not merely a currency but the natural language of commerce itself. Since the mid-twentieth century, the United States has spoken of the US dollar in much the same way. Writing in 1980, amid the crisis of the post-Bretton Woods order, the Argentine economist Raúl Prebisch observed that ‘in the United States the illusion of the almighty dollar held sway’.