Every moment of stress in the global financial system is a test of lines of interconnection and power. The most obvious example of this right now is the sanctions regime imposed on Russia. That has provoked a surge in debate about possible alternatives to the dollar, ruble-yuan systems, commodity-based networks of finance etc. The line I have been taking in Chartbook is that talk of alternatives to the dollar is not so much premature as reflective of an unease with the present, which finds relief in
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