Our Dollar, Your Problem

A leading economist explores the global rise of the U.S. dollar and shows why its future stability is far from assured

Our Dollar, Your Problem argues that America's currency might not have reached today's lofty pinnacle without a certain amount of good luck. Drawing in part on his own experiences, including with policymakers and world leaders, Kenneth Rogoff animates the remarkable postwar run of the dollar—how it beat out the Japanese yen, the Soviet ruble, and the euro—and the challenges it faces today from crypto and the Chinese yuan, the end of reliably low inflation and interest rates, political instability, and the fracturing of the dollar bloc. Americans cannot take for granted that the Pax Dollar era will last indefinitely, not only because many countries are deeply frustrated with the system, but also because overconfidence and arrogance can lead to unforced errors. Rogoff shows how America's outsized power and exorbitant privilege can spur financial instability—not just abroad but also at home.

Recommended by Financial Times as “What to Read in 2025”

“[Rogoff’s] autobiographical element nicely enhances the sometimes technical (but always accessible) monetary story.”—James Grant, Wall Street Journal

“One of [Rogoff’s] past books presciently warned about the dangers of a financial crisis. [His new book] Our Dollar, Your Problem worries that we are jeopardizing the dollar’s pivotal role in the global economy. That should matter to all Americans.”—Fareed Zakaria, Washington Post

“The central argument of Our Dollar, Your Problem—that the greenback’s pre-eminence was never guaranteed and might plausibly be overturned—could hardly be more timely.”—The Economist

“A well-written, often surprisingly lively book.”—Bill Emmott, Financial Times

“[Rogoff’s new book is] very well timed. . . . It’s a history of dollar dominance—how we built it, the challenges to it, and a warning, written before the Trump administration, that the rest of the world was already beginning to look for exits from it.”—Ezra Klein, Ezra Klein Show (podcast)

“Rogoff . . . skillfully blends personal narrative with a compelling account of advances in international macroeconomics, a field he has helped define.”—Maurice Obstfeld, Project Syndicate

“An invaluable resource.”—Ian Bremmer, via LinkedIn

“Rogoff has wrestled with the dollar question for almost half a century. . . . [He provides] a serious argument that the dollar’s days of dominance are over.”—Howard Davies, Literary Review

“There’s arguably no one better to take on the topic. . . . [Rogoff] uses his personal experience and observations to chart the challenges facing America’s—and the world’s—currency, and the consequences for global financial stability.”—Spears

“Ken Rogoff is one of the world’s leading experts on international finance. In this book he combines his wide experience as a policymaker, academic, and observer of the global economy to provide a fascinating and accessible analysis of looming challenges to economic and financial stability.”—Ben Bernanke, former chair, Federal Reserve

“Rogoff delivers a grandmaster performance, providing compelling insight into the history and future of dollar dominance.”—Magnus Carlsen

“Before he became an economist, Rogoff was a chess grandmaster. Here he reveals that he has become the dismal science’s wittiest and most engaging writer.”—Niall Ferguson, author of The Ascent of Money

“Rogoff brilliantly describes the dominance of the dollar across time and space, its contenders, and the limits to its immortality, weaving in his personal experiences which makes for a delightful read.”—Gita Gopinath, first deputy managing director, International Monetary Fund

“Rogoff aptly demonstrates that American dollar dominance was neither inevitable nor guaranteed to continue—but rather that it depends on America not abandoning the responsibility that comes with its privileged position and getting its fiscal house in order.”—Garry Kasparov, author of Winter Is Coming
 
“Will the U.S. dollar maintain its dominance? With unmatched wisdom and experience, Ken Rogoff unpacks this critical question in this masterful book.”—Atif Mian, author of House of Debt
 
“Part magisterial analysis of global finance, part autobiography of one of the great economists of our times, Our Dollar, Your Problem is both educative and lively at the same time.”—Raghuram Rajan, author of The Third Pillar
 
“A tour de force—Ken Rogoff pairs delightful personal anecdotes with a sweeping portrait of the international monetary system. Rogoff’s prescient view on the possibly ‘shrinking’ dollar is certainly not to be taken lightly.”—Hélène Rey, Lord Bagri Professor of Economics at London Business School
 
“A must-read.”—Nouriel Roubini, coauthor of Crisis Economics

Kenneth Rogoff is Maurits C. Boas Professor of Economics at Harvard University and former International Monetary Fund chief economist. One of the world’s foremost observers on the global economy, he is coauthor of the New York Times bestselling This Time Is Different.

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