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Dollar Bets

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Add to Bookmarks Not for the first time, a sharp depreciation of the US dollar has prompted predictions of its demise as the world’s pre-eminent store of value and means of payment. With America currently beset by a still-rampant pandemic, a worsening economic outlook, and incompetent leadership, might the dollar bears finally be right? In this Big Picture, Yale University’s Stephen S. Roach thinks the dollar’s recent drop marks the start of a long-overdue decline, while the European Union’s approval in July of a €750 billion (3 billion) recovery fund will likely hasten the euro’s rise. And the prospect of

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Not for the first time, a sharp depreciation of the US dollar has prompted predictions of its demise as the world’s pre-eminent store of value and means of payment. With America currently beset by a still-rampant pandemic, a worsening economic outlook, and incompetent leadership, might the dollar bears finally be right?

In this Big Picture, Yale University’s Stephen S. Roach thinks the dollar’s recent drop marks the start of a long-overdue decline, while the European Union’s approval in July of a €750 billion ($893 billion) recovery fund will likely hasten the euro’s rise. And the prospect of a stronger euro elicits a cautionary note from Daniel Gros of the Centre for European Policy Studies, who warns that it could further damage the eurozone’s relatively open, export-dependent economy.

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