This tag examines the structuring role of the dollar in the international financial system. Dominant reserve currency, invoicing currency of global trade and safe-haven asset, the dollar shapes global financial conditions well beyond U.S. borders. It also covers the tensions around this hegemony and de-dollarization attempts.
From 2022 to 2024, the yen fell about 27% against the dollar and hit its weakest level since 1990 — without triggering a single classic currency-crisis signal. Some currencies undergo a prolonged erosion of value without ever activating the usual…
Mapping the macro-financial impact of stablecoins requires opening their reserves. Circle’s April 2026 monthly transparency report breaks USDC down line by line: US T-bills with an average maturity of a few weeks, overnight repo collateralized by Treasuries, a limited share…
Stablecoin issuers have quietly become structural buyers of US Treasury bills at the short end of the curve. According to Tether’s Q1 2026 attestation and Circle’s monthly transparency reports, USDT and USDC together hold more than $130 billion in 1-3…
The outperformance of U.S. equities is driven by structural factors beyond domestic economic imbalances. The outperformance of U.S. equities often appears counterintuitive given domestic economic imbalances. High public debt, persistent twin deficits, and recurring political tensions regularly fuel the perception…
European investors holding a World ETF carry hidden dollar exposure on most of their allocation. Reserve-currency status, real-rate differentials and commodity pricing transmit dollar moves into returns typically misattributed to asset selection alone.
