Most economists agree is that no currency will be able to dethrone the dollar in the coming years, but not everyone thinks the dollar should—or will—maintain its status as reserve currency. There are downsides to having the dollar as such a strong reserve. For example, it can interfere with policymaking. “Look at what happened in the middle of the last decade when Greenspan was trying to hike rates and the long rates wouldn’t budge,” says Garcia. “Part of the issue here was that, because the dollar and in particular because our sovereign bond market is so deep and liquid, so much capital flowed to the U.S. at a time when there was excess savings throughout the rest of the world.” What ended up happening, Garcia points out, was that capital was filtered into subprime mortgage-backed securities. The financial crisis, of course, followed.