Will sell America end the dollar's hegemony?
Will sell America end the dollar's hegemony?
- February 10, 2026
- Erin Lockwood, political science, explains in this piece for Project Syndicate
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“Questions about the future of the US dollar have swirled in recent weeks, with a headline in the New York Times proclaiming that, ‘Sell America is the New Trade on Wall Street.’ Following US President Donald Trump’s escalatory threats against Greenland, the greenback fell sharply, only to rebound somewhat on the announcement that Kevin Warsh has been nominated to serve as the next chair of the Federal Reserve. Meanwhile, gold and silver prices have soared and then crashed, a Danish pension fund has announced its divestment from US Treasury bonds, and all eyes have turned to the $8 trillion in US assets held by Europeans.
Two factors are at play here: the perceived risk attached to holding US dollars and dollar-denominated assets has increased, and many observers have noted that foreign holdings of US debt and assets are a potentially potent weapon against Donald Trump’s imperialism. Both have forced investors to look at US assets in a newly critical light, raising four big questions about the future of dollar hegemony in an era of geopolitical turmoil.”
Continue reading: https://www.project-syndicate.org/commentary/sell-america-future-of-dollar-hegemony-by-erin-lockwood-2026-02?h=lHFsrxVVqIrJWLituSeAiy%2b%2bZsD5oWc7FCsrqjWOcn0%3d&
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