This is something few Americans understand: by virtue of the fact that the US dollar is the world's reserve currency, we've been able to pump up our standard of living at the expense of other nations who indeed pay for our outsized lifestyles.
In the 1960s, Valéry Giscard d’Estaing, then the French Minister of Finance, coined the term “exorbitant privilege” to refer to the special benefits enjoyed by the USA by virtue of the fact that it is the issuer of the world’s reserve currency.
Most Americans remain largely unaware of what these short-term benefits are and the long-term fall for which they have set us up.
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The Daily Capitalist
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