Revenge of the U.S. Dollar Revenge of the Dollar Reports of the demise of the world's most popular reserve currency were greatly exaggerated Ever since the 2008-09 financial crisis, predictions of the dollar's demise have come hand over fist. As the U.S. economy sank into recession, so too did confidence that the greenback could maintain its long-held position as the world's premier reserve currency. In Beijing, Moscow and elsewhere, policymakers railed against the dollar-dominated global financial system as detrimental to world stability and vowed to find a replacement. ... This appears in the November 17, 2014 issue of TIME.