No, the Dollar Is Not Dying

Mr. Prasad is a professor of trade policy at the Dyson School at Cornell University and a senior fellow at the Brookings Institution.

The reports are dire.

The dollar’s days of dominance are rapidly coming to an end, thanks to U.S. economic and political dysfunction. China is plotting to displace the dollar and rallying the world around the idea that its centrality in the global financial system hurts everyone else. Even American allies are shying away from the dollar now that the United States is becoming more antagonistic toward other countries.

This narrative is plausible, logical and ostensibly supported by data. But it is false. The dollar........

© The New York Times