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By Bruno COLMANT, Ph.D., Member of the Royal Academy of Belgium
For nearly a century, the U.S. dollar has reigned unchallenged over international trade and finance. To the average person, America’s global power appears rooted in the Federal Reserve, Wall Street’s financial markets, and the seemingly unlimited ability to print greenbacks. Yet this view is merely a monetary illusion. When you peel back the layers of paper currency, a more concrete reality emerges—one governed by the immutable laws of thermodynamics. The dollar’s true strength comes from its tie to energy: it is underpinned by the world’s demand for real, physical energy resources. The world’s true reserve currency is not just the dollar, but the underlying joule of energy it represents...
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