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Foreign Affairs/Simon Tilford and Hand Kundnani/
“In the 1960s, French Finance Minister Valéry Giscard d’Estaing complained that the dominance of the U.S. dollar gave the United States an ‘exorbitant privilege’ to borrow cheaply from the rest of the world and live beyond its means. U.S. allies and adversaries alike have often echoed the gripe since. But the exorbitant privilege also entails exorbitant burdens that weigh on U.S. trade competitiveness and employment and that are likely to grow heavier and more destabilizing as the United States’ share of the global economy shrinks.”
USAGOLD note: Please take note that this article appears in the most recent edition of Foreign Affairs journal, a publication of the highly influential Council on Foreign Relations. Its findings are in line with the Trump administration’s call for a weaker dollar and the Fed’s ongoing stimulus program which has done a great deal to move the project along.
Repost from 7-30-2020