{"id":29015,"date":"2025-04-17T10:00:57","date_gmt":"2025-04-17T08:00:57","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=29015"},"modified":"2025-04-17T10:04:45","modified_gmt":"2025-04-17T08:04:45","slug":"an-exorbitant-and-a-persistent-one","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/dollar-2\/an-exorbitant-and-a-persistent-one","title":{"rendered":"An exorbitant privilege \u2014 and a persistent one"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"29016\" data-permalink=\"https:\/\/michelsanti.fr\/en\/dollar-2\/an-exorbitant-and-a-persistent-one\/attachment\/29016\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/unnamed-file.jpg?fit=1080%2C1248&amp;ssl=1\" data-orig-size=\"1080,1248\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"$\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/unnamed-file.jpg?fit=260%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/unnamed-file.jpg?fit=886%2C1024&amp;ssl=1\" class=\"alignnone size-full wp-image-29016\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/unnamed-file.jpg?resize=1080%2C1248&#038;ssl=1\" alt=\"\" width=\"1080\" height=\"1248\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/unnamed-file.jpg?w=1080&amp;ssl=1 1080w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/unnamed-file.jpg?resize=260%2C300&amp;ssl=1 260w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/unnamed-file.jpg?resize=886%2C1024&amp;ssl=1 886w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/unnamed-file.jpg?resize=768%2C887&amp;ssl=1 768w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Asking what the world would look like without the USD as the unquestioned world reserve currency across finance and trade is a bit like asking a fish what the world would be like without water.<\/p>\n<p>There isn&#8217;t an obvious alternative to the dollar.<\/p>\n<p>There are a range of currencies that investors could diversify into, but no single obvious option to replicate the way the dollar replaced sterling in 1945.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Asking what the world would look like without the USD as the unquestioned world reserve currency across finance and trade is a bit like asking a fish what the world would be like without water. There isn&#8217;t an obvious alternative to the dollar. There are a range of currencies that investors could diversify into,&hellip;<\/p>\n","protected":false},"author":4,"featured_media":29016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[648941628],"tags":[],"class_list":["post-29015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dollar-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>An exorbitant privilege \u2014 and a persistent one - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/dollar-2\/an-exorbitant-and-a-persistent-one\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An exorbitant privilege \u2014 and a persistent one - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Asking what the world would look like without the USD as the unquestioned world reserve currency across finance and trade is a bit like asking a fish what the world would be like without water. There isn&#8217;t an obvious alternative to the dollar. 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This is why China now feels that it is strong enough to take on a hitherto impregnable and unchallenged stronghold, that being\u2026","rel":"","context":"In &quot;Cash&quot;","block_context":{"text":"Cash","link":"https:\/\/michelsanti.fr\/en\/category\/cash-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/05\/mao-zedong.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/05\/mao-zedong.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/05\/mao-zedong.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/05\/mao-zedong.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/05\/mao-zedong.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":31254,"url":"https:\/\/michelsanti.fr\/en\/financial-sanctions\/when-tehran-bombs-its-banker","url_meta":{"origin":29015,"position":5},"title":"When Tehran Bombs Its Banker","author":"Michel Santi","date":"March 7, 2026","format":false,"excerpt":"Dubai never claimed to be neutral. It claimed to be indifferent. A crucial distinction. For forty years, the United Arab Emirates allowed Iranian capital to pass through without asking inconvenient questions. It was not complicity. It was business. A perfectly rational model: taking a commission on the oxygen of a\u2026","rel":"","context":"In &quot;Dubai \/ United Arab Emirates&quot;","block_context":{"text":"Dubai \/ United Arab Emirates","link":"https:\/\/michelsanti.fr\/en\/category\/dubai-united-arab-emirates"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/03\/dubai-iran.png?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/03\/dubai-iran.png?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/03\/dubai-iran.png?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/03\/dubai-iran.png?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/03\/dubai-iran.png?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=29015"}],"version-history":[{"count":4,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29015\/revisions"}],"predecessor-version":[{"id":29022,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29015\/revisions\/29022"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/29016"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=29015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=29015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=29015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}