Money, Money Everywhere. . . .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.