OpinionExorbitant Pillage: Can the U.S. Dollar Survive the U.S. Government?:
Can the U.S. dollar survive the U.S. government?
foreignaffairs.com/reviews/exorbitant-pillage-lael-brainard
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US Policies Threaten Dollar’s Global DominanceUS debt is projected to rise by $4 trillion over a decade amid policy moves that risk undermining dollar confidence.
Key FactsOct 24, 2025 · Reading time: ~45 sec.
Summary created with AI assistance · Source: foreignaffairs.com
Summary created with AI assistance · Source: foreignaffairs.com
- The US dollar has led global trade and reserves for over 70 years, accounting for 58% of foreign central bank holdings.
- The Trump administration’s challenges to Federal Reserve independence and trade norms threaten the dollar’s institutional support.
- Rising national debt and tariffs increase borrowing costs and jeopardize the fiscal advantages tied to dollar dominance.
- Despite no clear rival currency, weakening trust in US institutions could erode the dollar’s privileged international role over time.
If their currency falls from its pedestal, Americans will pay the price.— This statement comes from Kenneth Rogoff's analysis of the risks associated with dollar dominance.
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total financial liabilities of a government sector, accumulated through borrowing to cover past deficits when expenditures exceed revenues; may be owed to domestic or foreign creditors and forms part
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