End of Dollar dominance | Michael Pettis
Because a world in which the US dollar and the US economy continues to play its current roles in accommodating deep structural imbalances is unsustainable, a major shift is inevitable and we can’t simply call on Washington to prevent any change.
The issue should be whether Washington directs this shift unilaterally, directs it in concert with major allies, or waits until unsustainable pressures force a much more disruptive adjustment.
It’s not whether things will change but how they change.