Currency Wars and the Erosion of Dollar Hegemony
Journal: Michigan Journal of International Law
Year: 2016

This Article examines how and why the dollar is being challenged. Part I provides a brief history of the U.S. dollar, showing how it has evolved from something with intrinsic value to something that has no intrinsic value, except via government fiat. Part I traces the evolution of money in the United States, from its original foundation in commodities and gold and silver coins, to the creation of money via Federal Reserve notes which function as money substitutes, that is, paper instruments that