The Dollar Privilege

The dollar is the world’s primary reserve currency, accounting for $6.7 trillion in foreign reserves. This has given the United States what some have called “an exorbitant privilege,” allowing it to borrow easily and to levy painful sanctions. But could it lose this status? Featured Guests: Roger Ferguson (President and Chief Executive Officer, TIAA) Sebastian Mallaby (Paul A. Volcker Senior Fellow for International Economics) For an episode transcript and show notes, visit us at cfr.org/podcasts/dollar-privilege