书单 | 货币与权力：读懂国际货币体系(20本经典著作) (申万宏观·赵伟团队)

Core Viewpoint - The article discusses the ongoing challenges and potential shifts in the international monetary system, particularly focusing on the decline of the US dollar and the implications of stablecoins in this context [3][4][5]. Group 1: Current Monetary System Challenges - Since early 2025, the narrative of "American exceptionalism" has been challenged, leading to a 12.5% decline in the US dollar index [3]. - Following the "reciprocal tariffs" impact in April, the US financial markets experienced simultaneous declines in stocks, bonds, and currency [3]. - The "Triffin Dilemma," which predicts a crisis of confidence in the dollar due to excessive credit expansion, is highlighted as a historical precedent for current issues [3][4]. Group 2: Stablecoins and Their Role - The article raises questions about the nature and functions of stablecoins, exploring their potential roles in the monetary system and their relationship with the US dollar [5]. - It emphasizes the need for a deeper understanding of the essence of money and the functions it serves, particularly in the context of stablecoins [5]. Group 3: Political and Economic Interconnections - The relationship between alliance politics, monetary issues, and strategy is underscored, indicating that the dollar and gold issues are intertwined with broader political concerns, such as US-NATO relations and Germany's role [6]. - The article stresses that economic policies cannot be viewed in isolation from strategic and foreign policy issues, highlighting the political dimensions of monetary matters [6].