Money, Money Everywhere. . . .

The dollar's international dominance, which underwrites our global economic leadership, can no longer be taken for granted.

Issue: July-Aug 2007

IT IS TIME the United States wakes up to a serious problem. The dollar is increasingly losing the position it has enjoyed for nearly half a century as the world's currency of last resort. And as that happens, the advantages we have gleaned from that status-the ability to finance our twin fiscal and trade deficits while keeping our interest rates low-will also be lost. And yet no one, particularly in Washington, seems overly concerned.

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