How Trump’s game of chicken with Iran could weaken the dollar’s role as the world’s currency

Politicizing the SWIFT payments system is leading other nations to the search for alternatives.

Ever since the dollar replaced gold at the center of the global financial system, many outside the U.S. have complained about “dollar hegemony,” and the “exorbitant privilege” conferred on the U.S. by virtue of this hegemony. What do these phrases actually mean? Broadly speaking, both are used interchangeably as a euphemism for a handful of economic controls the U.S. has on the...

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