{"id":52725,"date":"2024-05-13T04:53:02","date_gmt":"2024-05-13T04:53:02","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=52725"},"modified":"2024-05-13T04:54:42","modified_gmt":"2024-05-13T04:54:42","slug":"end-of-dollar-dominance","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2024\/05\/13\/end-of-dollar-dominance\/","title":{"rendered":"End of Dollar dominance | Michael Pettis"},"content":{"rendered":"

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\u2019t simply call on Washington to prevent any change.<\/p>\n

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.<\/p>\n

It\u2019s not whether things will change but how they change.<\/p>\n

~ Michael Pettis<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

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\u2019t simply call on Washington to prevent any change. The issue should be whether Washington directs this shift unilaterally, directs it in concert … <\/p>\n

Continue reading “End of Dollar dominance | Michael Pettis”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"quote","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,35],"tags":[6474,6475,2295],"class_list":["post-52725","post","type-post","status-publish","format-quote","hentry","category-us-canada-countries-regions","category-us-dollar-index","tag-dollar-dominance","tag-global-reserve-currency","tag-michael-pettis","post_format-post-format-quote"],"yoast_head":"\nEnd of Dollar dominance | Michael Pettis - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"End of Dollar dominance | Michael Pettis - the patient investor\" \/>\n<meta property=\"og:description\" content=\"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\u2019t simply call on Washington to prevent any change. 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No other country is even remotely interested in running the massive trade deficits needed to supply financial markets with sufficient currency to meet international demand. US trade deficits (below) now exceed\u2026","rel":"","context":"In "Gold & Precious Metals"","block_context":{"text":"Gold & Precious Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/gold-precious-metals\/"},"img":{"alt_text":"US Trade Deficit","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-22-tradedeficit.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-22-tradedeficit.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-22-tradedeficit.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":11066,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/10\/07\/reserve-currency-status-privilege-or-burden\/","url_meta":{"origin":52725,"position":1},"title":"Reserve currency status: Privilege or burden?","author":"ColinTwiggs","date":"October 7, 2014","format":false,"excerpt":"Is the reserve currency status of the US Dollar a privilege or a burden? Michael Pettis suggests the latter and argues in favor of constraining unlimited purchases of US or other government bonds by international trading partners like China and Japan: ...it is actually quite easy to list the conditions\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13249,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/05\/08\/the-titillating-and-terrifying-collapse-of-the-dollar-again-michael-pettis\/","url_meta":{"origin":52725,"position":2},"title":"The titillating and terrifying collapse of the dollar. Again. | Michael Pettis","author":"ColinTwiggs","date":"May 8, 2016","format":false,"excerpt":"Michael Pettis explains why the US dollar as reserve currency is a burden rather than a privilege for the US: Historically, neither Europe nor Japan, and certainly not China, have been willing to permit foreigners to purchase significant amounts of government bonds for reserve purposes. When the PBoC tried to\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58170,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/10\/09\/us-economic-policy-is-dying-with-the-solution-out-of-reach\/","url_meta":{"origin":52725,"position":3},"title":"US economic policy is dying, with the solution out of reach","author":"Colin Twiggs","date":"October 9, 2024","format":false,"excerpt":"Adam Tooze at FT.com comments that large imbalances from globalization are forcing a renewed focus on industrial policy and geopolitical rivalry: \"America\u2019s persistent trade deficit has long raised questions about how it will be paid for. So far, thanks to the exorbitant privilege of the US dollar and the good\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Adam Tooze","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/adam-tooze.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":13554,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/","url_meta":{"origin":52725,"position":4},"title":"Michael Pettis: Brexit could speed breakup of the Euro","author":"ColinTwiggs","date":"July 9, 2016","format":false,"excerpt":"https:\/\/youtu.be\/S0v_QWqqwn0 On secular stagnation: \"I don't see growth picking up until you either redistribute income downwards -- which is politically quite difficult and slow -- or developed countries which are credible borrowers engage in massive infrastructure spending -- which would be a great idea but politically difficult -- so I'm\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/S0v_QWqqwn0\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":40679,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/02\/01\/gold-rises-on-central-bank-purchases\/","url_meta":{"origin":52725,"position":5},"title":"Gold Rises on Central Bank Purchases","author":"Colin Twiggs","date":"February 1, 2023","format":false,"excerpt":"Demand for gold is rising, reaching 1,337 tonnes in the fourth quarter of 2022. The primary reason is an uplift in central bank purchases, exceeding 400 tonnes in each of the last two quarters. Economist Daniel Lacalle attributes the increase to central banks moving to protect their balance sheets from\u2026","rel":"","context":"In "Gold & Precious Metals"","block_context":{"text":"Gold & Precious Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/gold-precious-metals\/"},"img":{"alt_text":"Gold: Central Bank Purchases","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-31-gold-cb.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-31-gold-cb.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-31-gold-cb.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/52725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=52725"}],"version-history":[{"count":5,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/52725\/revisions"}],"predecessor-version":[{"id":52730,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/52725\/revisions\/52730"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=52725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=52725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=52725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}