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Financial Times/Nouriel Roubini/2-6-2023
“Sceptics argue that the global share of the US dollar as unit of account, means of payment and store of value hasn’t fallen much, despite all the chatter about a terminal decline. They also point out that you can’t replace something with nothing — as former US Treasury secretary Lawrence Summers put it: ‘Europe is a museum, Japan is a nursing home and China is a jail.’”
USAGOLD note: Roubini argues that the dollar’s exorbitant privilege is nearing an end as the world moves toward a bipolar regime – one centered on China’s renminbi and the other on the US dollar.
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