Paul Blustein

@paulblustein.bsky.social

Ex-newspaper guy (WashPost, WSJ) turned book author Latest book, "King Dollar," on USD dominance (Yale Univ. Press, pub. date 3/18/25) Sr. Associate @CSIS.org Resident of Japan, perpetrator of many gaijin faux pas www.paulblustein.com

It's been one year, four months and nine days since the publication of KING DOLLAR. Seems like a perfect occasion to recall the book's dedication: "To my grandchildren, whom I will always love unconditionally, even if they grow up to like crypto."

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It’s been one year, three months and eight days since KING DOLLAR was published. Seems like a perfect time to recall that the book has gotten some pretty nice reviews! Like these, on the covers of the recently-published paperback. But there are also some late entries! (1/4)

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The dollar’s global dominance is imperiled! The Iran war is threatening to upend a noxious 50-year deal that established the petrodollar system as a linchpin of US power! Do I have your attention now? Good. Because every word of that…

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The US Treasury market has only grown more dominant in recent decades, exploding in scale while its closest rivals have remained fragmented (the euro area), strictly controlled (China), or largely moribund (Japan). Global investors have no real alternatives:

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It’s publication day! My book is officially out in paperback, with a new preface, and the message could be summed up as follows: Worry, worry, worry about the US dollar’s global dominance! But not for the reasons you might think. 🧵1/11

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HEY EVERYBODY! MY BOOK GOT A SHOUTOUT IN @pkrugman.bsky.social's SUBSTACK! Oops, sorry about the caps, which I realize are typical of a certain orange-haired person. I got a bit carried away. Hope you’ll understand. It’s one of Krugman’s best Substack posts—and that’s really saying something.

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Nice explanation of why the dollar’s role is difficult to overturn by @paulblustein.bsky.social Whenever I’m asked if a country is going to start pricing a commodity in RMB. I ask “what are they going to do with the RMB?” Lack of deep financial market makes it impractical.

Paul Blustein@paulblustein.bsky.social · 4mo ago

The Iran war is terrible, horrible, no good, very bad. But is it a big threat to the dollar's role in the international monetary system? Nah. fortune.com/2026/03/30/p...

Hysteria about the petrodollar is reaching epic (furious?) levels. It's the latest frenzy of alarmism about USD global dominance--and it will prove just as misconceived as the many frenzies that have preceded it.

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The ballyhoo over the petrodollar is turning into a foofaraw. “It all goes back to a shady 1974 deal with Saudi Arabia to price oil in USD! That has been a linchpin of US power for 50 years, but now it’s coming undone!” Please. Stop believing--and parroting--this baloney.

Paul Blustein@paulblustein.bsky.social · 4mo ago

Have you heard the one about the Iranian ploy to dethrone the dollar by demanding payment in CNY instead of USD for oil passing through the Strait of Hormuz? No joke—it’s raising quite a ballyhoo! It’s the latest bout of alarmism over dollar dominance. Here’s my take: fortune.com/2026/03/30/p...