Yellen appeared on CNN recently where she admitted that Washington’s leverage over the global financial system to pursue geopolitical goals could cause the dollar to become weak. Yellen says the role of the American greenback is explained by factors such as the volume of the US treasuries market, its wide use in international trade, and a “rule of law” in the US that other nations can’t offer.
Opponents of US domination in global finances are not necessarily advocating replacing the dollar with another currency serving the same role. Russia’s leadership has prioritized a transition away from the dollar and into regional currencies.
