Commentary In case you hadn’t noticed, we’ve entered a rather unstable period in the world. Russia’s war in Ukraine, rumors of war between China and Taiwan, and the tenuous nuclear situation involving Iran and Israel are just a few of the many uncertainties in the world today. In light of this rising uncertainty, many have said that the U.S.-led world order is ending—if it’s not already over. I have certainly been among those who think that’s the case. I still believe it to be true, but not necessarily inevitable. US Currency Hegemony One of the most significant markers of economic and political dominance globally is the currency of the hegemonic power. A powerful country often has a powerful currency—but not always. In the Soviet era, for example, Russia was powerful, but the ruble was still not wanted by most of the world. The United States, on the other hand, has …