US dollar’s monopoly in payments will soon be over

Safe asset: US dollars being displayed at the Vietnam International Bank in Hanoi. The risk is rising that the greenback’s monopoly in payments is headed for the history books. — Reuters

THE social-media video where Donald Trump’s artificial intelligence (AI) avatar is making Nike sneakers may be just a spoof on the United States president’s quixotic bid to re-industrialise America by eliminating bilateral trade deficits.

But the meme contains a kernel of truth.