Is the dollar this era’s denarius? The greenback’s dominance seems in terminal decline
To understand the potential cost, consider seigniorage: because the US dollar is globally trusted, the [country’s central bank], its Federal Reserve, can print a $10 bill for less than seven cents, and it will be accepted at full value around the world. As empires from Rome to Britain have shown, issuing the world’s leading currency allows a country to create value almost out of thin air. Losing that capacity would slow economic growth.
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