By Philipp Carlsson-Szlezak, Paul Swartz, and Paul Hsiao

This article originally appeared on Fortune.com

Fifty years ago, President Nixon shocked the world by suspending the dollar’s “convertibility” to gold, beginning the end of the postwar system of fixed exchange rates. Since then, the dollar’s death has been foretold countless times, and the narrative remains popular today. The next bout of dollar doom is just a matter of time. The unfolding debt ceiling drama could provide fuel, while any fall in the dollar’s value, even from current highs, will be equated with the fall of the dollar.

To be sure, the dollar’s role as the world’s “reserve currency” is a cornerstone of the global economy and global finance, as well as geopolitics, and threats to its dominance should be taken seriously. However, the dollar’s hegemony is a remarkable story of resilience, and to see whether that will continue we need to understand the sources of resilience, whether they are alive today, and whether the dollar’s competitors could emulate and surpass them.

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About the authors

Philipp Carlsson-Szlezak is a partner and managing director in BCG’s New York office and global chief economist of BCG. He can be reached at Carlsson-Szlezak.Philipp@bcg.com

Paul Swartz is a director and senior economist in the BCG Henderson Institute, based in BCG’s New York office. He can be reached at Swartz.Paul@bcg.com

Paul Hsiao is an economist at BCG Henderson Institute in New York. He can be reached at Hsiao.Paul@bcg.com

Originally published at https://fortune.com on October 7, 2021.