The Power of Currencies and Currencies of Power, edited by Alan Wheatley, Routledge, RRP￡9.99

In the bitter attrition of the 19th century Peninsular War, British troops had one inestimable advantage over Napoleon’s forces: Bank of England notes were readily accepted when they bought local supplies, while French paper was treated with suspicion.

These days, only the dollar enjoys such universal recognition. The note of choice for drug dealers and war lords, it also dominates international trade and capital markets. Commodities are priced in dollars; other currencies are most often quoted, traded and at times pegged against it. This ubiquity reinforces its status as the world’s pre-eminent reserve currency: the only one that offers central banks the scale, stability and market liquidity they need to build long-term res-erves they can readily deploy in times of crisis.