Prof. Schlevogt’s Compass No. 44: Dollar dominance and its discontents – Decoding US tariff populism

The greatest threat to dollar primacy is not foreign rivals but domestic populists, fighting the wrong battle with the wrong weapons

The dollar’s dominance as a reserve currency magnifies financial power, but it does so by shifting the balance of the economy away from production toward paper. As America’s productive base gradually and unevenly hollows out, its national cohesion and material prowess, two central pillars of power, begin to erode.