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Monday, April 13, 2026

13: India

The Dollar’s Special Status: Sources and Threats Will the backwash from Iran threaten our monetary hegemony? ........... There’s no question that many countries – China, in particular – want to see the dollar dethroned. And even before the omni-shambles of the Trump II administration, there were waves of what Paul Blustein, the author of of King Dollar, calls “dollar doomerism” – claims that the demise of the dollar’s role as the dominant international currency is imminent. ..........

is the dollar at imminent risk of losing its special status? If it does lose that status, will that be a major blow to the United States?

............... I believe that the answer to both questions is no. Given its behavior, the United States may in some sense deserve to lose its status as owner of the world’s dominant currency. But economics is not a morality play. It would take a lot more than a change in the currency denomination of some payments for oil to dislodge the dollar from its leading position. And in any case, the dollar’s privileged position in global markets matters much less than many people imagine.

How to Impeach the Bastard, for Real Now's the time to start organizing .......... Speaking at a January 6 retreat for House Republicans, Trump stated, “You gotta win the midterms ‘cause, if we don’t win the midterms, it’s just gonna be — I mean, they’ll find a reason to impeach me. I’ll get impeached.” ........... This was before Trump’s agents murdered Renee Good and Alex Pretti in Minneapolis, before the Justice Department released more Epstein files, before Trump’s disastrous war in Iran, before Trump threatened death to the entire Iranian civilization, before a gallon of gas hit $4 or more, before other prices also began rising because of the blockage of the Strait of Hormuz, and before additional price hikes associated with Trump’s tariffs had kicked in. ........... It was also before Trump’s polls slid to record lows, before the MAGA faithful began complaining that Trump had betrayed his promise to avoid foreign entanglements, and before a slew of special elections in which Democratic candidates have won Republican districts (and even when they didn’t win, lost by far smaller margins than Trump won by in 2024).

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