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The Dollar, Bretton Woods, Triffin and China

Now as then, the US could meet the rest of the world’s appetite for dollars by issuing more dollar debt.

This would require the US to run sustained current-account deficits, mirrored in fiscal deficits.

Of course, while the link to gold is passé, any domestic fiscal objective to curb US debt growth would be at odds with the international role as sole provider of the reserve currency.

Carmen Reinhart, Project Syndicate 2 March 2017

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