Economic ties between the U.S. and Argentina are modest, yet Federal Reserve policy is wreaking havoc on Argentina. It also threatens Turkey, Indonesia and others, for the same reason: their imports, exports and a lot of their debt is denominated in dollars. The latest emerging market tumult exposes a critical though dimly understood fault line in the global economy. Though the U.S. share of global output and trade ​has declined over the decades, the dollar has become even more dominant in global trade and finance.

Source: Wall Street Journal May 09, 2018 12:45 UTC