Long read:the beginning of the end for the US dollar's global dominance.

The US dollar has been the global reserve currency for over 70 years, enhancing American financial and economic power. Robert Wade writes that the weaponization of the dollar and the dollar payments system against countries such as Russia and Iran over the past decade has incentivised others to find ways to escape the dominance of the US dollar. He looks at just how central the US dollar is to the global economy, and how countries such as the BRICS have been working to create their own alternatives such as new international currencies and using other currencies in important commodity trades such as oil. De-dollarization is coming, but anything close to the end of dollar dominance will be decades ahead.