The weakness of the dollar hegemony that Biden himself created has been patched up, with the latest $95 billion spending bill
I’m not sure I buy this for two reasons. First, I am somewhat unconvinced that the recent dedollarization activity was organized enough to be effective at all, regardless of the actions of the US in response. And second, the amount of money being spent on war is almost a rounding error for the total number of dollars in existence. So I think the dollar hegemony is weak but has not yet been threatened, in other words.
I’m not sure I buy this for two reasons. First, I am somewhat unconvinced that the recent dedollarization activity was organized enough to be effective at all, regardless of the actions of the US in response. And second, the amount of money being spent on war is almost a rounding error for the total number of dollars in existence. So I think the dollar hegemony is weak but has not yet been threatened, in other words.