The status of the dollar as a key currency and the ultimate reserve asset depends on the Federal Reserve's ability to safeguard its real purchasing power.
Supplying dollar liquidity to finance the growth of the world economy was largely responsible for the United States' trade imbalances and its sharply growing external debt.
The status of the dollar as a key currency and the ultimate reserve asset depends on the Federal Reserve’s ability to safeguard its real purchasing power. Trade surplus countries stimulating their economies would help narrow U.S. deficits and stabilize the dollar’s share of global reserve assets.That crucially important vector of global commerce and finance has been provided by the U.S. since the end of WWII. And that also made it necessary for America to act as a benevolent banker to the world.
Partly as a result of that, the U.S. continues to make half-a-trillion dollar net annual contributions to the growth of global demand, output and employment through its trade deficits.
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