23 October 2008: “We are living in economic chaos. Banks, homes, jobs, and businesses are at risk. Yet curiously, the one thing that seems stable is the dollar. It is a symbol – and a lever – of American power and leadership. It is the standard unit of account for much of the world’s economic activity. And in times of crisis, it has often seemed a safe haven.

But in the longer term, some experts believe this crisis could mark a turning point in the dollar’s fortunes, hastening a fall from power which has seen its value decline over several years before its recent rally.”

Professor Ngaire Woods investigated the prosepcts for the US dollar and the world economy in‘Analysis: Dollars and Dominance’ on BBC Radio 4. Read more at the BBC, or listen to Dollars and Dominance: