Professor Ingrid Wuerth introduces her new paper on the sovereign immunity of foreign central bank assets in today’s post. I agree with Professor Wuerth about the risk of a loss the US faces before the International Court of Justice, and I would only add the following observation: even in the age when our hegemony was mostly undisputed, the US failed to think ahead on matters of international law. When thinking about central bank immunity, remember that the US dollar won’t always be the world’s reserve currency. When thinking about the Law of the Sea Convention, remember that the US Navy won’t always be the strongest the world has ever seen. When thinking of the Judgments Convention, remember that they won’t always keep all the…

+Read more