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Global Affairs Session 25 29 April 2026 FROM PLAZA 1985 TO IRAN 2026 How the World Changed The Plaza Accord did not cause the Iran war, but it helped shape the dollar-centred financial system, Asia’s manufacturing and energy-demand structure, and the globalised economy through which a regional conflict now transmits worldwide economic and geopolitical consequences.

Global Affairs Session 23 27 April 2026 DOLLAR MILKSHAKE THEORY Will de-dollarization kill it? De-dollarization and dollar strength can operate at the same time. Global financial stress may pull liquidity towards United States assets and strengthen the dollar in the short run, while sanctions, alternative payment systems, reserve diversification and wider access to dollar swap lines may gradually weaken long-term dependence on it.