Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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The story of the US dollar's rise over the last century is inextricably intertwined with the geopolitics of the era, but it is also one of financial and technological innovation. At certain times, domestic and international policies drove this innovation; at other times, geopolitics were driven by structural shifts in the markets. Some significant factors that contributed to the dollar's dominance actually arose out of American policy mistakes, policy choices by other governments, or financial entrepreneurialism that policymakers initially weren't even aware of. There are, of course, many aspects to American power besides the dollar, and the currency has always had a relationship of symbiosis and mutual reinforcement with these. However, as the other sources of US power have waned, the dollar has become ever more important in relative and, paradoxically, absolute terms. There has been a price for this though – one that the original architect of the dollar's leadership perhaps didn't sufficiently take into account.