A currency does three separate things. In 2026 they started moving in opposite directions at once — and the job everyone watches is the one that matters least. In the first quarter of 2026, three measurements of the dollar's standing pointed three different ways in the same window. Its share of the world's official foreign-exchange … Continue reading Currency: Three Jobs, One Word
Tag: stablecoins
Stable Anchors & Financial Dominance
"The less dominant the U.S. economy is, the less the dollar can function as a stable anchor for the global financial system. It was still intact in 2008-10, when a global financial crisis sent capital flooding to the safe haven of U.S. government bonds. But in recent years, people have begun to question whether Bretton … Continue reading Stable Anchors & Financial Dominance
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