Let's not be misguided that the dollar will be displaced

Today, it has become fashionable for people to bash the dollar. The American currency has been blamed for many financial ills, and the Silicon Valley Bank (SVB) crisis was the proverbial icing on the cake, as it happened in the US. There are political and economic reasons for this. On the political front, the Ukraine crisis was the trigger. In the past too, the US has used the threat of sanctions against countries for dealing with Iran, and everyone complied. But Russia is different, given its strength. It has large foreign exchange reserves locked in the US dollar and it…