{"id":26757,"date":"2017-10-12T07:56:15","date_gmt":"2017-10-12T12:56:15","guid":{"rendered":"http:\/\/olduvai.ca\/?p=26757"},"modified":"2017-10-12T07:56:15","modified_gmt":"2017-10-12T12:56:15","slug":"the-demise-of-dollar-diplomacy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=26757","title":{"rendered":"The Demise of Dollar Diplomacy?"},"content":{"rendered":"<div class=\"row \"><\/div>\n<div class=\"row fbg-image article__container\" data-sticky-target=\"interaction-article\" data-page-area=\"article-top\" data-sticky-offset=\"20%\">\n<div class=\"small-12 medium-10 medium-offset-1 large-8 large-offset-2 xlarge-6 xlarge-offset-3 columns\">\n<section class=\"u-mt-se\"><\/section>\n<section class=\"article__abs u-mt-se\" dir=\"ltr\">\n<figure class=\"image image--ratio-16-9\"><picture><img decoding=\"async\" class=\" lazyunload lazyloaded\" src=\"https:\/\/webapi.project-syndicate.org\/library\/aabdf885bb53cc627c598a57c0a3c77e.png\" alt=\"Dollar notes\" data-src=\"https:\/\/webapi.project-syndicate.org\/library\/aabdf885bb53cc627c598a57c0a3c77e.png\" \/><\/picture><\/figure>\n<header class=\"listing__header\">\n<h3 class=\"listing__title\"><a href=\"https:\/\/www.project-syndicate.org\/commentary\/trump-causing-demise-of-dollar-diplomacy-by-barry-eichengreen-2017-10\">THE DEMISE OF DOLLAR DIPLOMACY?<\/a><\/h3>\n<\/header>\n<p><strong>Pundits have been saying last rites for the dollar\u2019s global dominance since the 1960s \u2013 that is, for more than half a century now. But the pundits may finally be right, because the greenback&#8217;s dominance has been sustained by geopolitical alliances that are now fraying badly.<\/strong><\/p>\n<\/section>\n<section class=\"article__body article__body--commentary english\" dir=\"ltr\" data-page-area=\"article-body\">\n<p data-line-id=\"1be7ec82e20149d59ffb9295c33e9441\">WASHINGTON, DC \u2013 Mark Twain never actually said \u201cReports of my death have been greatly exaggerated.\u201d But the misquote is too delicious to die a natural death of its own. And nowhere is the idea behind it more relevant than in discussions of the dollar\u2019s international role.<\/p>\n<aside class=\"inlay inlay--slide slide__container show-for-medium editorpick-container\">\n<article id=\"editor-pick-59dddf9c78b6c708dc6b3318\" class=\"listing slide \" data-url=\"trump-causing-demise-of-dollar-diplomacy-by-barry-eichengreen-2017-10\" data-page-area=\"editorpicks\">\n<header class=\"listing__header\">\n<p class=\"listing__excerpt\">\n<p class=\"listing__excerpt\">Pundits have been saying last rites for the dollar\u2019s global dominance since the 1960s \u2013 that is, for more than a half-century now. The point can be shown by occurrences of the phrase \u201c<a href=\"https:\/\/books.google.com\/ngrams\/graph?content=demise+of+the+dollar&amp;year_start=1800&amp;year_end=2008&amp;corpus=15&amp;smoothing=3&amp;share=&amp;direct_url=t1%253B%252Cdemise%20of%20the%20dollar%253B%252Cc0\" target=\"_blank\" rel=\"noopener\">demise of the dollar<\/a>\u201d in all English-language publications catalogued by Google.<\/p>\n<\/header>\n<\/article>\n<\/aside>\n<p data-line-id=\"151917485651495199574c8e70d11611\">The frequency of such mentions, adjusted for the number of printed pages per year, first jumped in 1969, following the collapse of the London Gold Pool, an arrangement in which eight central banks cooperated to support the dollar\u2019s peg to gold. Use of the phrase soared in the 1970s, following the collapse of the Bretton Woods system, of which the dollar was the linchpin, and in response to the high inflation that accompanied the presidencies of Richard Nixon, Gerald Ford, and Jimmy Carter in the 1970s.<\/p>\n<p data-line-id=\"f9fb5de35bad49118f0fcd35e842c3a4\">But even that spike was dwarfed by the increase in mentions and corresponding worries about the dollar starting in 2001, reflecting the shock of the terrorist attacks that September, the mushrooming growth of the US trade deficit, and then the global financial crisis of 2008.<\/p>\n<p data-line-id=\"f66b14027ffe432bbda367900a1a8fdf\">\n<div class=\"inlay special special--generic\">\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>THE DEMISE OF DOLLAR DIPLOMACY? Pundits have been saying last rites for the dollar\u2019s global dominance since the 1960s \u2013 that is, for more than half a century now. But the pundits may finally be right, because the greenback&#8217;s dominance has been sustained by geopolitical alliances that are now fraying badly. WASHINGTON, DC \u2013 Mark [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[12877,7844,8402,839],"class_list":["post-26757","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-barry-eichengreen","tag-donald-trump","tag-project-syndicate","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26757"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26757\/revisions"}],"predecessor-version":[{"id":26758,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26757\/revisions\/26758"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}