It was former French president Valery Giscard d’Estang who as Finance Minister in the 1960s coined the term “exorbitant privilege”. It was used to describe the benefits accorded to the US as a result of its currency being the international reserve currency.
The disruptive – some might prefer “chaotic” or “erratic” – nature of the Trump 2.0 presidency and its contradictory economic objectives might herald the decline of that exorbitant privilege.
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