Opinion | No, the Dollar Is Not Dying

NYT Homepage

by Eswar Prasad

February 25, 2026

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The article argues against the notion that the dollar is losing its global dominance, dismissing claims that the U.S. economy's instability and political conflicts are leading to its decline. While some suggest China aims to replace the dollar and allies are reducing their reliance on it due to U.S. tensions, the author counters by emphasizing the weaknesses of potential competitors and the continued strength of the U.S. financial system. The article points out that despite concerns about U.S. budget deficits, rising debt levels, and political dysfunction, the dollar remains the safest asset globally. It notes how other countries are attempting to reduce their exposure to the dollar but have yet to establish viable alternatives. The author highlights that while there is a perception of decline, the reality is that the dollar still dominates international reserves and payments. The piece concludes by asserting that the narrative of the dollar's imminent demise is overblown, as the weaknesses of other currencies and the enduring strength of the U.S. economy keep the dollar securely in its position. This matters to readers interested in global economics and financial stability, as understanding the state of the dollar is crucial for grasping global economic trends and policies.

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Originally published on NYT Homepage on 2/25/2026