“King Dollar: The Past and Future of the World’s Dominant Currency”

【Host】Society of International Business and Legal Studies
【Co-host】Institute of Comparative Law, Waseda University; School of Law and Graduate School of Law, Waseda University; International Contract Legal System Study Group of The Japanese Association of International Business Law
【Date and time】Saturday, July 18, 2026, 16:00~17:00
【Venue】Zoom (online)
【Language】English
【Interpretation】None
【Moderator】Takashi Kubota (Professor, Faculty of Law, Waseda University)
【Audience】Students, faculty and staff, and the general public are welcome to attend.

No advance registration required. Please come straight to the venue.
【Zoom information】

Join Zoom meeting
https://list-waseda-jp.zoom.us/j/92541823818?pwd=gTrPMg9mC3OHGaRTugl22j9kVcUti2.1

Link to meeting chat
https://list-waseda-jp.zoom.us/launch/jc/92541823818

Meeting ID: 925 4182 3818
Passocode: 851549

1. Purpose and concept
Why is it believed that the U.S. dollar will continue to maintain its status as the world’s key currency, and what does this mean for the United States and the world? To address this issue, we invited Paul Blustein, a renowned U.S. economic journalist based in Kamakura, to deliver a lecture tailored for students, researchers, and professionals, drawing on his latest book, King Dollar: The Past and Future of the World’s Dominant Currency (Yale University Press, 2025).

Predictions that the dollar will lose its status as the world’s dominant currency have been repeated for decades. In recent years, those voices have grown louder. Cryptocurrency advocates argue that Bitcoin and other blockchain-based currencies will replace the dollar. Hardliners in the fields of diplomacy and national security warn that China’s yuan will pose a fatal threat to the dollar. Furthermore, sound money advocates predict that the dollar’s value will inevitably be eroded by expanding U.S. debt and inflation, and that it will eventually lose its significance.

In contrast to these pessimists, Paul Blustein argues that, barring any catastrophic policy blunders by the U.S. government, the dollar’s position at the top of the global currency pyramid remains unshakeable. The author looks back on how the United States has used the dollar to impose devastating sanctions on hostile nations. While acknowledging that target countries such as Russia have found ways to mitigate the damage, he explains that Washington’s financial “weapons” will remain effective for the long term.

However, the author’s true message is that the United States must not become complacent about the dollar. The immense power that comes with the dollar’s hegemony brings with it a corresponding responsibility.

2. Lecturer
Paul Blustein, U.S. economic journalist (See https://www.paulblustein.com. An English-language lecture based on his latest book)

3. Abstract
We will invite a prominent U.S. economic journalist to examine the future of the U.S. dollar’s monetary hegemony from multiple perspectives and provide an opportunity for discussion with Japanese participants.

【Lecture program】
Moderator: Shin Oya (President, Society of International Business and Legal Studies; Visiting Senior Research Fellow, Institute of Geonomics)
Opening remarks: Takashi Kubota (Professor, Waseda University; ICL Research Staff)
Lecture: Paul Blustein, King Dollar: The Past and Future of the World’s Dominant Currency (16:00~16:45)
Q&A: 16:45~17:00

Link to Japanese page