In the next ten years, we are facing a great inflection point in the art market, much like the one real estate markets and banks reacted to in the earlier part of the century.

As citizens of the world await the availability of such a vaccine and the ability to move freely about the globe once again, new questions of diplomacy, multilateral approaches, and strategic deployment once again come to the fore.

From the development of the SWIFT network in the confrontation of terror financing, to the economic sanctioning of Russia in response to its aggressive actions in neighboring territory, understanding of the power brandished by American policymakers in global finance is critical to protecting national interests.

U.S. complacency regarding the dollar global reserve currency status could be the ultimate Achilles Heel for the United States in the years ahead. 

The dollar is undoubtedly a potent weapon for now, but deglobalization and an international trend of turning inward could threaten its reserve status long-term.

Wielding a uniquely US economic authority is a significant capability in its foreign policy toolbox. However, retaining it will require a concerted effort.

Because the Libra now seems viable, the question becomes whether there is a need to integrate a digital currency into the global economy.

It falls upon the US to pioneer a strategy that will set the global standard for public health with the goal of preventing future pandemics and outbreaks.

It is already evident that coronavirus (COVID-19) has triggered a deeper recession than that of the 2008-2009 Global Financial Crisis. Much like the latter, monetary authorities at the US Federal Reserve have undertaken unprecedented actions to support liquidity in global markets. These steps have included support for domestic debt markets, including a recent expansion in the corporate bond market, as well as swap lines targeting the global dollar shortage. Beyond these moves, the broader policy response during and after the COVID-19 outbreak may drive longer-term changes in the global trading system.