The sanctions that are now hammering Russia's currency, banks and economy are a vivid demonstration of the power of the U.S. dollar.
both recently riffed on the era of dollar dominance, and how it could be shortened by recent sanctions., says Abraham Newman, a Georgetown University political science professor who has studied how global financial systems can become a source of power.
He says the dollar system isn't a top down invention of world leaders. Rather, it organically developed over decades in which private investors, traders and businesses decided that they preferred to use greenbacks. That's because the dollar is a relatively stable, easily traded currency in a country with an accountable government and transparent legal system.China's currency, the yuan — most widely seen as a potential rival to the dollar — has few of those advantages, largely because of the Chinese government's authoritarian nature.
For instance, in order to keep control over the flow of money in and out of the economy, the yuan remains "non-convertible," meaning it can't be easily exchanged for other currencies. On top of that, China's financial system remains very much an arm of the Chinese government — and people considering where to keep their money know that, Newman says.There's a long history of people looking for alternatives to the dollar. It still doesn't exist. That's a major source of strength for the U.S.
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