The Twilight of the Dollar? Harvard Economist Predicts a Decline

Harvard economics professor Kenneth Rogoff, in his new book "Our Dollar, Your Problem," predicts a decline in the U.S. dollar's global dominance. While arguing the dollar will remain the premier currency in global finance, its uniqueness will be less pronounced. Rogoff weaves together personal anecdotes and macroeconomic analysis to explore the rise and fall of dollar hegemony, citing factors such as the U.S. fiscal deficit, declining Federal Reserve independence, and efforts by other nations to de-dollarize as accelerating this trend. He posits that the waning of dollar dominance will have profound implications for the U.S. and the global economy, including higher interest rates and increased economic risks.