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Exorbitant privilege: how dollar dominance deployed for statecraft could extract a diplomatic price

Exorbitant privilege: how dollar dominance deployed for statecraft could extract a diplomatic price

Exorbitant privilege: how dollar dominance deployed for statecraft could extract a diplomatic price



Amid a geopolitical upheaval, America seems ever more keen to use its financial heft, never mind that the dollar derives its power partly from the Fed’s credibility and independence. But arbitrary decisions—on swap lines, say—show how wrong it could go.