Key Points
(Bloomberg Opinion) -- Theres just no getting past the supremacy of the dollar, much as skeptics of American influence wish for it or lonely yen bulls cry for relief..
This resilience might not last, but as long as it does, it reminds a world once in thrall to Chinas ascent that the US is the essential economic force..
Events billed as heralding a pullback have barely made a dent: Japans decision to end eight years of negative interest rates fizzled in markets; the countrys finance minister has resorted to jawboning the yen stronger,and traders are handicapping the prospects of intervention by Tokyo..
Assertions that the dollar will be undone are overblown, according to a recent paper bySteven B. Kamin, a former head of the Feds international finance division,and Mark Sobel, who served as deputy assistant secretary of the Treasury..
The central bank warned US lenders against over-exposure,a step that sent European markets into a tailspin, wrote Philip Zelikow inThe Road Less Traveled: The Secret Turning point of the Great War, 1916-1917..
