Amid all the talk of tariffs, something far bigger is happening in the United States. Donald Trump’s current trade war is just one part of his team’s radical plan to realign the entire global economy and the dollar’s relationship in it — the biggest shift since Bretton Woods.
It is hard to exaggerate the role of the dollar in the global economy. It is the currency that holds the financial world together “in its inmost folds”, as Goethe put it in Faust. Since the Forties, the US has been...
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