Despite near-constant predictions of its looming and imminent demise, the dollar remains king for many reasons. These include the size of the US economy, historical inertia and the deeply embedded hierarchical network structure of the international monetary system. The US has its share of economic and political problems, and other currencies such as the Chinese renminbi are beginning to play a larger role in global finance. Yet dollar hegemony rests on far deeper and more durable foundations than the sceptics realise. Chief among these are the unparalleled deep, liquid private financial markets of the US, and its ... (full story)