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Flat White

US Dollar hegemony

31 May 2024

12:48 AM

31 May 2024

12:48 AM

In 1970, at a meeting in Washington DC, former US Secretary of State Henry Kissinger asked then chairman of the Federal Reserve Paul Volcker how the US could maintain global hegemony in the following decades.

Volcker responded, ‘We need to enhance the trade deficit and make other people pay for it.’

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