Steering the British pound after the European debt crisis delivered a lasting lesson in how a global economy engineered for efficiency had grown dangerously dependent on a single fragile point: America and its greenback. As bank governor, he proposed a “synthetic hegemonic currency” that middle-sized economies could use as a dollar alternative. The IMF’s chief economist in Washington called the idea “intriguing,” but “improbable,” saying the U.S. dollar’s strength flowed from America’s “institutions, the rule of law.”

Carney’s brainchild barely registered, in part because he floated it the same week of August 2019 that news broke of another outrageous proposal that at first seemed like a joke: Trump wanted to buy Greenland.

And yet now, as Canada’s leader, Carney would make an expanded version of the same case to America’s closest allies—that the entire global security system was too dependent on Uncle Sam. His own staff struggled to keep up as he texted European leaders he’d known from the finance world, like Rothschild banker Emmanuel Macron, now France’s president; onetime chairman of BlackRock’s German subsidiary, Friedrich Merz, now German chancellor; and the European Investment Bank’s Alexander Stubb, now Finland’s president.

(http://www.autoadmit.com/thread.php?thread_id=5880674&forum_id=2...id.#49985487)