How Trump Might Topple the Dollar

If America’s government degrades the dollar’s role, whether by design or by accident, other countries may try to defend themselves by throwing up barriers to capital and falling back on new and less sophisticated financial networks. Without a true successor, the result would probably be a world of competing currency blocs, inadequate alternatives to Treasuries, barriers to trade and reduced efficiency. The past few weeks have been a taste of such a future—and they have not been pleasant.