"The fundamental question remains the role of the dollar," says Prestowitz. In a worrying sign, he notes that, at a family wealth-manager meeting recently in Zurich, he learned that "some of the richest people in the world are no longer using the dollar as their reference currency." If that's the case, he says, then the role of the U.S. in the world is "dramatically reduced."
If they're not using the dollar as their reference currency, what are they using? Gold? Oil? The Renminbi?