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The US is squandering its two most important privileges

The US is squandering its two most important privileges

In 1965, then-French finance minister Valéry Giscard d’Estaing came up with the “mot juste” for describing the way that the supremacy of the dollar provided the foundation for the financial supremacy of the US. The fact the dollar was so dominant in international transactions gave the US, d’Estaing said, an “exorbitant privilege.” Because every country […]

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