US Dollar: Reserve role questioned
The post US Dollar: Reserve role questioned appeared on BitcoinEthereumNews.com. Rabobank strategist Michael Every discusses contrasting views on the Dollar’s global role. Every cites Adam Tooze’s argument that the USD is now a “profit dollar” backed by rising asset prices, and counters that dismissing Dollar holdings on that basis is odd without an alternative Hamiltonian neomercantilist framework, underscoring realpolitik between financialisation and production. Debate over Dollar’s reserve status “Contrast that with the argument made by Adam Tooze in the Financial Times that the USD is no longer a global reserve FX but just a “profit dollar” backed by rising asset prices.” “There’s a vast realpolitik difference between financialisation and production but arguing one shouldn’t hold dollars because US assets appreciate is rather odd absent a counterargument for Hamiltonian neomercantilism which many, if not all, critics of the US also reject as the solution.” “See the op-ed today in t