4 ms·
I think that's a pretty misleading TLDR (as it suggests nothing will change which isn't at all what the article claims); The title is a better summary of the m
by emn13 11y ago
I think that's a pretty misleading TLDR (as it suggests nothing will change which isn't at all what the article claims); The title is a better summary of the message.
- blumkvist 11y agoThe article doesn't claim anything.
- emn13 11y agoSure it does; it claims the dollar's primacy is unsustainable.
- peteretep 11y agoThe article is about as meaningful as you'd expect one that suggested "Democracy's primacy looks unsustainable", and is full of examples of things that don't mean anything. > In recent months the prospect of even a tiny rate > rise in America has sucked capital from emerging > markets, battering currencies and share prices. Sucking capital from emerging markets is not an attribute of a currency that's fading, so much as one whose primacy is in fact increasing after a lull... > Foreigners own 20-50% of local-currency government > bonds in places like Indonesia, Malaysia, Mexico, > South Africa and Turkey: they are more likely to > abandon emerging markets when American rates rise. And for what will they abandon it? It has a $ in the name. > America increasingly uses its financial clout as a > political tool There used to be a great quote on Wikipedia's page about the Economist pointing out it's largely written by early-20s Oxford graduates. If they think America's use of its financial clout is increasing, it would seem their view of history starts circa 2001. > All this suggests that the global monetary and > financial system will not smoothly or quickly wean > itself off the greenback Oh look, even the article suggests the title is wrong!