The narrative of dollar debasement is gaining traction. Since January 2025, the US dollar has fallen by 9 per cent, reaching its lowest level in four years. Peter Schiff, an American financial commentator, warns that “King Dollar’s reign is coming to an end […] prepare for a historic economic collapse.” Even mild-mannered investors, including Citadel Securities founder Ken Griffin, argue that central banks now “view gold as a safe-harbour asset in a way the dollar used to be viewed.” Yet, for all these dollar doubts, global investors poured a record $1.55 trillion USD into long-term US assets in 2025, sending mixed signals about the future of the world’s dominant currency.
The foundations of today’s international monetary system trace back to World War II, from which the United States emerged as the uncontested global superpower. The 1944 Bretton Woods…
