Our Dollar, Your Problem
The dollar's unquestioned run may be ending, and the person arguing it watched the last crises from inside.
Rogoff spent decades inside the machinery, at the IMF and at Harvard, and writes here about the dollar’s long run as the currency everyone else has to hold. His argument is that the era of unquestioned dominance alongside broad stability may be closing, and that the erosion could mean more frequent sovereign debt crises, inflation episodes and financial instability. Written by someone who has watched several from the inside.
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Jason Furman
The explicit narrative is a warning. Rogoff argues that the era in which the dollar enjoyed unquestioned dominance alongside broad global stability may be fading, and that erosion could bring more frequent or severe crises—sovereign debt problems, inflationary episodes, and financial instability.
Interview · December 2025
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