Era of U.S. dollar may be winding down

It looks like the end of an era for the U.S. dollar. In his new book “Our Dollar, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance, and the Road Ahead,” Kenneth Rogoff looks back on the currency’s dominant run in global trade and central bank reserves for a host of other countries. Today, he argues, that lofty status is on the wane. “My thesis is that the U.S. dollar is about to get knocked down a couple pegs,” said Rogoff, a professor of economics and the Maurits C. Boas Chair of International Economics. “It will still be first in global finance, because nothing is poised to fully replace it. The dollar just won’t be as unique as it once was.” Written entirely before the 2024 election, the book weaves first-person reflections with a history of the U.S. economy and its currency topping a succession of challengers. As a teen chess pro in the late 1960s and early ’70s, Rogoff traveled to tournaments in the Eastern Bloc provided him with rare insight on Amer ... Read full article.