Over at Takimag, our astute doctor analyzes the Iraqi government’s recent decision to ban the use of the US dollar in the country’s economy.

I cannot predict where the current fashion for de-dollarization will end or what it will bring in its wake. I suspect it will be nothing good. If successful in the sense that the dollar ceases to be the reserve currency of the world, it will cause even more instability than there is at present, and stability, even when unfair, has its value. If it fails, it will increase resentment, never a motive of the best policy.