“This gargantuan and growing appetite”
‘…more elegant cars, more exotic food, more erotic clothing, more elaborate entertainment – indeed… the entire range of sensuous, edifying, and lethal desires.’ J.K. Galbraith,
Previous posts on ExorbitantPrivilege identified some measures of dollar dominance: reserve holdings, international trade, and the US consumer ‘of last resort’. This short post looks again at the role of the consumer and how the US financial system creates the dollars demanded by the rest of the world. So, the two questions those arguing for a reduced r…
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