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Of Debt, Detriment, And Exorbitant Privilege

Friday, February 17, 2017 20:03
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by Benn Steil

– this post coauthored by Emma Smith

China’s currency games have been helping, not harming, the dollar

Valery Giscard d’Estaing, then French finance minister and later president, remarked half a century ago:

“It is the exorbitant privilege of the United States that it can conjure the world’s primary reserve currency.”

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