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Exorbitant Privilege

The Rise and Fall of the Dollar and the Future of the International Monetary System
in: Economics
Summary:

The book analyzes the historical dominance of the US dollar as the world's primary reserve currency and explores the economic and political reasons for its preeminence. It also discusses potential challenges to the dollar's status and the implications for global financial stability, considering scenarios that could lead to the rise of alternative currencies.

Key points:

1. "Exorbitant Privilege" refers to the benefits the U.S. gets from the dollar being the main global currency, like cheaper borrowing and political power, but it also brings risks.

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