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THE POLITICS OF INTERNATIONAL MONEY AND WORLD LANGUAGE- CHARLES P.…

- - - - Left-leaning publications, like the Monthly Review, labeled the authors as promoting an "American imperialist view”
      - Forcing an "American" solution on European competitors
        
        While the dollar system is rooted in economic rationale, the political optics of American dominance create tensions that can’t be ignored
- - - - European central banks, often held gold over foreign assets as a matter of national pride, despite the economic inefficiency of holding a non-yielding asset, leading to expensive holdings and lost earning potential
- - - - European alternatives to dollar-denominated bonds have failed to displace the dollar’s dominance in global debt markets