Why it is in US interests to give up its dollar privilege to forge a more neutral financial order

Much ink has been spilled speculating over the longer-term consequences for the US dollar of the unprecedented financial sanctions imposed on Russia in the wake of military action in Ukraine. Will it lead the world to de-doll arise? And will it contribute to greater international adoption of the renminbi?

Perhaps. But these lines of discussion miss a more profound point: what do we risk by weaponising the global financial commons?