I did not ever think I can laugh after reading an article in the Economist.
But this misses a crucial point. Central banks and finance ministries have a far greater interest in defending the value of frequent-flyer miles than in propping up the dollar. After all, their officials are continually criss-crossing the globe to attend meetings, racking up miles in their personal accounts. If their free first-class flight to the Caribbean is at risk, they are likely to fight to the death to stop a devaluation. Against such competition, the dollar does not stand a chance.