Global investors, irritated by uncertainty, will adjust their positioning, but they won’t abandon the dollar.They’ll search for alternatives. The US will continue to benefit from an extraordinary privilege, though one that will erode over time, until it eventually fades. Even the Roman Empire didn’t collapse with a bang; its decline was a slow, inevitable process. The Romans themselves hardly noticed it.
Global investors, irritated by uncertainty, will adjust their positioning, but they won’t abandon the dollar.They’ll search for alternatives. The US will continue to benefit from an extraordinary privilege, though one that will erode over time, until it eventually fades. Even the Roman Empire didn’t collapse with a bang; its decline was a slow, inevitable process. The Romans themselves hardly noticed it.