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OPINION – by Bruno COLMANT, Member of the Royal Academy of Belgium
The dollar's dominance of the global economy is indisputable. Indeed, the dollar has become what French sociologist Marcel Mauss (1872-1950) described as a "total social fact." The dollar's dominance of international trade reinforces its dominance since there is no credible alternative or substitute currency. The dollar is guaranteed by the military dominance of the United States: every American aircraft carrier, which is a sailing army, is a floating Federal Reserve. The United States has established 12 Federal Reserves and owns... 12 aircraft carriers.
This monetary dominance explains the United States' ability to have its commercial and public debts financed by the rest of...
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