I have recently started reading (and duly subscribing) in The Economist newspaper once again after a near decade long hiatus. It seems as though this publication has regained some of its previous journalistic ability as well as displaying a newly minted wisdom regarding the world that would make its founder, Bagehot, proud.
Anyway, in an interesting article regarding the Standard Charter investigations by U.S. authorities (for the record, I think the bank produces some of the most insightful reports on and and all emerging markets extant) the following point regarding the balance of power in the modern world should be blown in huge typeface for every single economics and political publication produced:
"Above all, investors have been reminded that Standard Chartered's vaunted emerging market franchise is vulnerable to the conflicting values of those markets and the country that prints the world's reserve currency"
The article is entitled "My Dollar, my rules".
I could not have said it better myself. You are not allowed to play Stratego without Monopoly Money.