The article Is the Dollar Doomed? by Michael Schuman appears on Time’s website (via CNN), April 6th, 2009.
While positing that the U.S. greenback could be supplanted, noting that other countries have encouraged such a transition (viz. China), and relating some of the positive feedback crises arising from having a single sovereign backed currency, Mr. Schuman argues that the U.S. dollar will not necessarily decline, at least not in freefall.
[Brian: Personally, I’m surprised that no private currencies have entered the running, that being what many would consider a “market solution”. It’s also surprising that no articles seem to have hit the mainstream about how the artificial inflation of the U.S. dollar from demand as a reserve currency (as opposed to a favourable import-export ratio) is the Achilles heel of U.S. manufacturing exporters.]