Domino Effect: How Lehman's Failure marked the beginning of the End for the Dollar

... in one word: Globalization. In India’s case, its rapid integration into the global financial system followed the 1998 financial crisis. It sought to raise its foreign reserves, as did every other emerging market affected by the crisis. So where ... ... makes it vulnerable if there is another global economic downturn. Russia has been expressing its dissatisfaction with the US dollar and the US dominated global financial system, and it’s easy to see why. Its economy, like India’s and China’s ...