Toward a Multi-Polar International Monetary System

Who Benefits From the Dollar’s Dominance?

The US dollar is used by governments and investors around the world for trade and as a safe asset. Jacobin asked economist Mona Ali if Donald Trump’s tariffs are destroying trust in the currency and what effect this instability will have on ordinary people. The dollar is perhaps the preeminent source of US hegemony. (Nuno Tavares / Wikimedia Commons) More than half of global trade is conducted in dollars, and the United States is, by some measu…

Who Benefits From the Dollar’s Dominance? - 3 Quarks Daily

An interview with Mona Ali in Jacobin: John-Baptiste Oduor: It is often said that the dollar is the world’s reserve currency. What does this mean and how does it relate to the currency’s dominance? Mona Ali: The dollar’s dominance is often attributed to its status as the key international reserve asset. This shorthand lends the impression that money is a commodity (a thing), when in fact for the most part money is credit (a social relation). Whi…

Toward a multi-polar international monetary system

The US DOLLAR. What are the options? COMMENT | Maya Majueran – XINHUA | A multi-polar international monetary system envisions a global financial architecture in which multiple currencies, rather than a single dominant one such as the U.S. dollar, are widely used for international trade, finance, and as reserve assets. This model fosters a multi-currency ecosystem, enabling more balanced economic distribution across regions. The U.S. dollar has s…

Istanbul trade head challenges dollar dominance, advocates local currency use

The long-term dominance of the U.S. dollar as the world’s primary reserve currency is being challenged by shifting geopolitical dynamics and growing interest in alternative financial systems, Istanbul Chamber of Commerce (ICOC) Chairman Sekib Avdagic said on Friday. Speaking at the chamber’s July assembly meeting, Avdagic noted that even close allies of the United States are reevaluating their reliance on the dollar. He cited Saudi Arabia’s cons…