A New Global Monetary Order Threatens the Dollar
There's a parallel financial system led by stablecoins that's starting to jeopardize the greenback's status as a reserve currency.
Is this the dollar about to become obsolete?
Photographer: Alex Wong/Getty Images
The history of modern finance has seen several monetary orders, from the gold standard of the 19th century to the current fiat-based era starting in 1971. Each period had its dominant reserve currency, starting with gold and then moving to the British pound and U.S. dollar. The current system is 50 years old, about the average length of previous monetary orders.
The lesson is that nothing lasts forever. The prudent should be preparing for the next monetary order, with all signs pointing to decentralized finance using a stablecoin as its reserve currency. How regulators and Wall Street handle this transition will significantly impact the global economy, as it seems destined to happen with or without their blessing.