{"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-title=\"$\" data-image-description=\"\" data-image-caption=\"\" 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,"_exactmetrics_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"mc4wp_mailchimp_campaign":[],"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","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,"jetpack_post_was_ever_published":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 v28.8 - 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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Such an acceleration, unprecedented in the macroeconomic history of the world\u2019s most powerful country, raises the question: could it harm the dollar\u2019s status as a reserve currency? 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Its dollar was, at the start of the 1970s, in a precarious situation due to the exorbitant cost of the Vietnam war and the various social programmes whose combined effects meant the country could no longer maintain the parity with gold that\u2026","rel":"","context":"In &quot;dollar&quot;","block_context":{"text":"dollar","link":"https:\/\/michelsanti.fr\/en\/category\/dollar-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/02\/p%C3%A9trole-.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":21213,"url":"https:\/\/michelsanti.fr\/en\/dollarisation-2\/lebanon-before-the-chaos-begins","url_meta":{"origin":29015,"position":2},"title":"Lebanon: before the chaos begins","author":"Michel Santi","date":"February 3, 2021","format":false,"excerpt":"\u00a0 Many countries have decided to no longer use their own currency but to adopt the American dollar as the standard means of exchange. 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Having now vanquished hyperinflation, Zimbabwe is a country where today something else reigns\u2026deflation! Whereas a few years ago\u2026","rel":"","context":"In &quot;Africa&quot;","block_context":{"text":"Africa","link":"https:\/\/michelsanti.fr\/en\/category\/africa"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Trillion-Dollar-Bill.png?fit=799%2C349&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Trillion-Dollar-Bill.png?fit=799%2C349&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Trillion-Dollar-Bill.png?fit=799%2C349&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Trillion-Dollar-Bill.png?fit=799%2C349&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":21779,"url":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master","url_meta":{"origin":29015,"position":4},"title":"$: the lord almighty, our master","author":"Michel Santi","date":"November 28, 2021","format":false,"excerpt":"\u00a0 15th August 1971: surely the most important date of the 20th century for economics and finance, the day that marked the decision of US President Nixon to unpeg the dollar from gold. Taken on a Sunday evening, before the opening of the markets, it introduced a new era: that\u2026","rel":"","context":"In &quot;digital money&quot;","block_context":{"text":"digital money","link":"https:\/\/michelsanti.fr\/en\/category\/digital-money"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/11\/14802-HHRUMCC8.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":13733,"url":"https:\/\/michelsanti.fr\/en\/saudi-arabia\/the-moment-of-truth-for-saudi-arabia-and-petrodollars","url_meta":{"origin":29015,"position":5},"title":"The moment of truth for Saudi Arabia and petrodollars","author":"Michel Santi","date":"March 4, 2017","format":false,"excerpt":"At the end of the Second World War, the enormous reserves of American gold - the largest in the world at the time - allowed this metal to construct a new world order centred around the dollar. The Bretton Woods Conference held in 1944 formalised the consecration of the greenback,\u2026","rel":"","context":"In &quot;Oil&quot;","block_context":{"text":"Oil","link":"https:\/\/michelsanti.fr\/en\/category\/oil"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/ibn_saoud.jpg?fit=377%2C437&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"amp_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/unnamed-file.jpg?fit=1080%2C1248&ssl=1","_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}]}}