Despite frequent predictions of the imminent decline of the US dollar as the world’s primary international reserve currency, recent crises have further cemented its position. Dollar dominance will persist for many decades to come, in large part because the supposed challengers – including the euro and renminbi – meet the economic or political requirements to supplant it. The dollar’s enduring dominance challenges the prevailing wisdom about the inevitable decline of American hegemony, as well as the common belief that American debt and deficits are unsustainable. It also has important implications for how we view the rise of China and the future of world order. Ultimately, the central threats to American power and prosperity are the authoritarian calls coming from inside the house, rather than hegemonic threats from external powers or looming debt crises.