For three quarters of a century, the U.S. dollar has reigned supreme as the world’s reserve currency. Even amid America’s declining share of the global economy and, since the Global Financial Crisis (GFC), massive monetization of the U.S. national debt, countries outside the U.S. had few alternatives to transacting cross-border in dollars and maintaining large foreign-exchange (FX) reserves in dollars. I believe the end of this era of dollar supremacy is underway. New financial regimes are busy rewiring the world’s monetary and payment systems. New cross-border payment systems and regional trade agreements are laying the infrastructure for a post-dollar financial order. Blockchain technology has already begun to provide a new system in cross-border payments aided by stablecoins and central bank digital currencies.
Mr. Campbell joined DoubleLine in 2013. He is a Portfolio Manager for the DoubleLine Global Bond Strategy and is a permanent member of the Fixed Income Asset Allocation Committee. He covers Developed Markets, Central & Eastern Europe, Middle East and Africa (CEEMEA), and China. Prior to DoubleLine, Mr. Campbell worked for Peridiem Global Investors as a Global Fixed Income Research Analyst and Portfolio Manager. Previous to that, he was with Nuveen Investment Management Company, first as a Quantitative Analyst in their Risk Management and Portfolio Construction Group, then as a Vice President in their Taxable Fixed Income Group. Mr. Campbell also worked at John Hancock Financial as an Investment Analyst. He holds a BS in Business Economics and International Business, as well as a BA in English, from Pennsylvania State University. Mr. Campbell holds an MA in Mathematics, with a focus on Mathematical Finance, from Boston University.