This is how the dollar will fall

[Bloomberg]( Follow Us //link.mail.bloombergbusiness.com/click/20678264.43694/aHR0cHM6Ly90d2l0dGVyLmNvbS9ib3Bpbmlvbg/582c8673566a94262a8b49bdB85bb89f0 [How the Coming Crash in the Dollar Will Unfold]( — Stephen Roach Scorn has long been heaped on those daring to question the supremacy of the U.S. dollar as the world’s dominant reserve currency. I certainly received more than my fair share in reaction to [a column I recently wrote]( for Bloomberg Opinion on the likelihood of a sharp decline in the greenback. The counter-arguments were strong and highly political, basically boiling down to the so-called TINA defense — that when it comes to the dollar, “there is no alternative.” That argument is very important in one critical sense: The dollar, like any foreign-exchange rate, is a relative price. As such, it encapsulates a broad constellation of a nation’s value proposition — economic, financial, social and political — as viewed against comparable characterizations of other nations. It follows that shifts in foreign-exchange rates capture changes in these relative comparisons — the U.S. versus Europe, the U.S. versus Japan, the U.S. versus China, and so on. My forecast that a 35% decline in the value of dollar could well be in the offing is couched in terms of the comparison between the U.S. and the currencies of a broad basket of America’s trading partners. Read the [whole thing](. (And read Roach’s previous column [here](.) [A Case Study for Second-Wave Lockdowns]( — Clara Ferreira Marques [The China-India Border Dispute Just Got Real]( — James Stavridis [The Real Reason to Pull Down Churchill’s Statue]( — Mihir Sharma [John Roberts Is Done Trusting Donald Trump]( — Noah Feldman [China Is Foolish to Make an Enemy of India]( — Mihir Sharma [Gorsuch Paves Way for Attack on Affirmative Action]( — Cass R. Sunstein [Trump Lawsuit Against John Bolton Is Beyond Frivolous]( — Noah Feldman [The Fed Will Rue This Mistake. Meantime, Be Merry]( — John Authers [LGBT Rights Ruling Is a Power Play by Gorsuch]( — Noah Feldman This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the most popular stories Bloomberg Opinion published this week based on web readership, plus some other stuff occasionally thrown in.  A special offer for Bloomberg Opinion Today readers | [For just $1.99 a month](, get unlimited access to Bloomberg.com, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](.  You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022