Exorbitant Privilege

For more than half a century, the dollar has been not just America''s currency but the world''s. It is used globally by importers, exporters, investors, governments and central banks alike. This singular role of the dollar is a source of strength for the United States. It is, as a critic of U.S. policies once put it, America''s "exorbitant privilege." But now, with U.S. budget deficits extending a...