HKS Authors

See citation below for complete author information.

Abstract

While there is no immediate candidate to supplant the US dollar, ballooning US deficits, the risk of higher US inflation, and the fragmentation of global trade have complicated the picture. In this environment, US policymakers' complacency about America's "exorbitant privilege" seems dangerously unjustified.

Citation

Reinhart, Carmen. "Gambling With the Dollar’s Future." Project Syndicate, December 15, 2025.