A group of economists was asked to contemplate a question about sanctions on Russia and their potential for deep, long-term consequences on the United States.
At issue is a source of American power so ubiquitous it’s been assumed for generations to be unshakeable: The almighty dollar and its role as a global reserve currency.
Imagine being able to run up massive deficits every year; spend more on your military and government programs; enjoy cheaper interest rates on debt; and still never worry about your currency collapsing because it’s used everywhere.
Now imagine also being able to punish your enemies by cutting off access to
