Stay updated with breaking news from Exorbitant Privilege. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The United States enjoys a special advantage because of the preeminent status of its dollar as the world’s leading reserve currency and medium of exchange. Other countries are increasingly moving toward knocking the dollar off its throne through de-dollarization. The trend is unstoppable, but it’s unlikely the dollar will lose much of its authority any time soon.
Currently, the US dollar, the Euro, the Japanese yen and the pound sterling are the leading reserve currencies in the world. China's efforts to make its currency renminbi has met with only limited success so far.
There are chinks in the currency’s armour. But de-dollarization is far-fetched.Questions are being asked about the exorbitant privilege of the US dollar. Other countries need to earn the dollars in order to pay for commodities; the US can simply print it.
As U.S. hegemony fades, the dollar has become the worst currency in the world — expect, of course, for all the others.
News Analysis A longstanding plan by China and Russia to replace the U.S. dollar as the world’s reserve ...