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October 14, 2025 20 mins

The dollar has been one of America’s most powerful weapons and a major source of global influence, in ways few fully realize. It doesn’t just shape trade and finance; it also gives the U.S. a unique window into the world’s financial flows. 

But what if that power is beginning to slip? Harvard’s Ken Rogoff examines the mounting pressures that could threaten the dollar’s supremacy — and reveals how a cornerstone of U.S. power could also become its Achilles’ heel.

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