The Dollar Still Rules, But US Policy Is Making It Less Special
It's a status that shows the dollar is used in roughly nine out of 10 foreign exchange transactions and about half of all merchandise trade conducted globally, and is making up almost 60% of reserves held by governments around the world. That dominance helps Washington to run gaping budget deficits and US consumers to spend more than they make—all funded by overseas investors eager to snap up assets denominated in greenbacks adorned with the motto 'In God We Trust.'
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