Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System

Recent events in the US—high unemployment, record federal deficits, and unprecedented financial distress—have raised serious doubts about the future of the dollar. So profound has been the impact that some say the dollar may soon cease to be the world's standard currency. Is the situation that bad? In Exorbitant Privilege, one of our foremost experts on the international financial system argues that while the dollar is bound to lose its singular status to newcomers like the Euro and the Chi...