Cementing the U.S. dollar into place as the dominant transaction and reserve currency has been the key ingredient in hollowing out our manufacturing sector, removing spending discipline from Congress, and super-sizing the financial sector to a politically volatile degree. This hypothetical devaluation of the dollar against gold would also give the U.S. more fiscal breathing room and lessen the risk of a debt crisis from the leverage that’s built up in this credit cycle. Moving from his role as White House Council of Economic Advisers chair to the Fed’s policy-making core, Miran will bring a radical perspective to FOMC meetings: He understands that the dollar’s reserve currency status has transformed from “exorbitant privilege” to “exorbitant burden.” We know this from Miran’s public papers, speeches, and interviews.
Author: Dan Amoss
Published at: 2025-08-12 21:55:53
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