Kuala Lampur, Feb. 9 -- When The Economist warned in its February 7 leader that "the world is involuntarily long US political risk - and has started charging a premium", it was not speaking only to Washington. It was speaking to every economy that has learned, often the hard way, what it means to live beneath the dollar's shadow.

Asean heard that line clearly.

That premium is no longer theoretical.

It shows up in higher hedging costs, more frequent foreign-exchange intervention, wider risk spreads on dollar funding, and central banks forced to move earlier and harder - not because domestic fundamentals demand it, but because Washington's politics have wandered into global markets.

The dollar still dominates. There is no replacement wa...