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One needn't agree with the thesis here (that the dollar has reasons to remain the world's primary reserve currency for some time to come) to benefit from this smart tour of big issues in global money. The US dollar's demise has been proclaimed countless times, and for a host of reasons (many reviewed here), it keeps bobbing up to the surface for another interval as the most important global currency. Much of it might be called its enduring network externalities -- it serves needs no other currency can -- and the other contenders for various reasons haven't shown themseves ready for prime time. This continues to provide Americans an "exorbitant privilege" (a French politician's onetime term of resentment), so it is worth focusing on -- as life could be quite different in a world of faded dollar hegemony. Might as well enjoy it while it lasts, while being mentally limber for what might come next. Here I also sensed a subtext -- the USA has some unique qualities of internal robustness and stability (sometimes despite what seems like our best efforts) that this enduring buoyancy reflects. We are still in many ways a haven from world chaos, for people as well as their money.
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