A perennial issue throughout my career has been how long the dollar can retain its status as the world’s principal currency. There have been numerous occasions when commentators declared an end to the dollar’s dominance only to be proven wrong. The biggest test occurred in the 1970s when U.S. inflation soared to double digits and the Federal Reserve was behind the curve in raising interest rates. Lack of confidence in the dollar was manifested by efforts of European countries to link their currencies to one another and by the strength of the Japanese yen. The dollar ultimately prevailed when then Fed chair Paul Volcker tightened monetary policy to tackle inflation and restore confiden
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