Maintaining dollar dominance requires the US to do what Spider-Man would do, analyst says
Spider-Man comics and Sony's film adaptation popularized a piece of fabled advice:"With great power comes great responsibility."
"Americans should recognize the applicability of the Spider-Man adage to the dollar, and US leaders should adopt it as an overarching principle for all aspects of dollar policy," he wrote."Much is riding on how Washington uses the power that comes with the world's dominant currency. Whether it is wielded responsibly or not should be of profound concern to citizens of the US and other countries alike.
Restrictions on the dollar risk boomeranging on the US, as countries look for currency alternatives, he noted. But that's not the only risk as such sanctions could also alienate allies and aggravate adversaries. Meanwhile, in leading the world's finances, the US is responsible for implementing a system that champions universal values and is free of abuse, Blustein added. Looking into the future, this means that Washington will have to take great care in implementing any digital versions of the dollar.
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