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As earnings from abroad fell, wealthy Dutch savers moved their cash into British investments, which were more attractive due to their strong growth and higher yields.9 Despite this, the guilder remained widely used as a global reserve currency. As explained earlier, reserve currency status classically lags the decline of other key drivers of the rise and fall of empires. Then, as is typical, a rising great power challenged the existing great power in a war.
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Ray Dalio (Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail)