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De-dollarisation would upend the global economy

First published: Council on Geostrategy, 04 July 2023

Currencies are important, and not just for travel and trade. As Joseph Schumpeter, the Austrian-born American economist put it in 1930: ‘The monetary system of a people reflects all that the people wants, does, endures, is, and that simultaneously, the monetary system of a people exercises a significant influence upon its economic activity and its destiny in general.’1 America’s attachment to the United States (US) dollar is as key as the People’s Republic of China’s (PRC) is to the Renminbi (or ‘people’s currency’), or Britain’s to the Sterling, or as Germany’s was once to the Deutschmark…..Now consider the feisty discussion that has been brewing mainly on social media platforms for several months now about ‘de-dollarisation’. Read more….