The Dollar Fault Line: How America's Currency Became the World's Single Point of Failure (eBook, ePUB)
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Every twenty-four hours, more than five trillion dollars in global paymentsfrom oil shipments and commodity trades to sovereign debt couponsmust touch a handful of clearinghouses in lower Manhattan. This invisible plumbing, the legacy of Bretton Woods and the petrodollar accord, is the foundation of the modern world economy. But what appears to be a system of elegant efficiency hides a catastrophic vulnerability: the entire architecture of global commerce flows through a single, narrow American vein.In The Dollar Fault Line, financial analyst Josh Luberisse delivers a bracing and meticulously ...
Every twenty-four hours, more than five trillion dollars in global paymentsfrom oil shipments and commodity trades to sovereign debt couponsmust touch a handful of clearinghouses in lower Manhattan. This invisible plumbing, the legacy of Bretton Woods and the petrodollar accord, is the foundation of the modern world economy. But what appears to be a system of elegant efficiency hides a catastrophic vulnerability: the entire architecture of global commerce flows through a single, narrow American vein.
In The Dollar Fault Line, financial analyst Josh Luberisse delivers a bracing and meticulously researched warning that the world is not merely dollar-centric; it is dollar-dependent. This dependency has created a single point of failure that exposes every nation to the whims of Federal Reserve policy, the shocks of Wall Street risk appetite, and the turmoil of American domestic politics. The next great financial rupture, he argues, will not be an American export alone but a global self-inflicted wound.
Luberisse takes readers deep inside the system's plumbing, from the real-time ledgers of Fedwire and CHIPS to the off-balance-sheet alchemy of FX swaps and repos that create trillions in "synthetic dollars" beyond regulatory radar. He reveals how this centralized architecture grants Washington extraordinary geopolitical leverageturning sanctions into a financial chokehold while simultaneously forcing the Federal Reserve to act as the reluctant offshore lender of last resort to the entire planet.
But this elegant design is deceptively brittle. The Dollar Fault Line demonstrates how new, non-market catalysts like climate-driven insurance losses, cyber-attacks on payment rails, and legislative gridlock over the U.S. debt ceiling can trigger liquidity cascades at lightning speed. A political showdown on Capitol Hill or a ransomware attack in New Jersey is no longer a local event; it is an instant global margin call.
Tracing the urgent, yet fledgling, search for redundancyfrom China's renminbi rails and Europe's digital euro to multilateral CBDC projects like mBridge Luberisse maps the immense "transitional pain" and political hurdles that stand in the way of a safer, multipolar system.
Authoritative, urgent, and unmissable, The Dollar Fault Line is the definitive account of the dollar's precarious dominance. It reveals a system whose unrivaled influence is now matched only by its unavoidable exposure, leaving readers with the unsettling recognition that the world's financial lifeboat is tethered to a single captain whose own vessel is navigating increasingly stormy seas.
In The Dollar Fault Line, financial analyst Josh Luberisse delivers a bracing and meticulously researched warning that the world is not merely dollar-centric; it is dollar-dependent. This dependency has created a single point of failure that exposes every nation to the whims of Federal Reserve policy, the shocks of Wall Street risk appetite, and the turmoil of American domestic politics. The next great financial rupture, he argues, will not be an American export alone but a global self-inflicted wound.
Luberisse takes readers deep inside the system's plumbing, from the real-time ledgers of Fedwire and CHIPS to the off-balance-sheet alchemy of FX swaps and repos that create trillions in "synthetic dollars" beyond regulatory radar. He reveals how this centralized architecture grants Washington extraordinary geopolitical leverageturning sanctions into a financial chokehold while simultaneously forcing the Federal Reserve to act as the reluctant offshore lender of last resort to the entire planet.
But this elegant design is deceptively brittle. The Dollar Fault Line demonstrates how new, non-market catalysts like climate-driven insurance losses, cyber-attacks on payment rails, and legislative gridlock over the U.S. debt ceiling can trigger liquidity cascades at lightning speed. A political showdown on Capitol Hill or a ransomware attack in New Jersey is no longer a local event; it is an instant global margin call.
Tracing the urgent, yet fledgling, search for redundancyfrom China's renminbi rails and Europe's digital euro to multilateral CBDC projects like mBridge Luberisse maps the immense "transitional pain" and political hurdles that stand in the way of a safer, multipolar system.
Authoritative, urgent, and unmissable, The Dollar Fault Line is the definitive account of the dollar's precarious dominance. It reveals a system whose unrivaled influence is now matched only by its unavoidable exposure, leaving readers with the unsettling recognition that the world's financial lifeboat is tethered to a single captain whose own vessel is navigating increasingly stormy seas.
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