How the dollar's 'exorbitant privilege' enriches the USA (and global elites)

How much does the US benefit from printing the global reserve currency? An economist calculated that US average daily income would fall by 27-57% if the dollar lost its "exorbitant privilege". Ben Norton explains how wealthy investors not only in North America but around the world hold much of their wealth in the dollar.

Link to Philip Pilkington's report and Twitter account: https://twitter.com/philippilk..../status/178240965451

Topics
0:00 US dollar dominance
2:00 Economics of exorbitant privilege
5:23 Current account
9:29 Balance of payments
12:31 Effects of dollar hegemony
14:45 Neoliberalism & financialization
17:41 Foreign capital funds US deficits
19:28 Global 1% invests in US assets
20:35 Super Imperialism
22:25 Fed inflates asset bubbles
25:22 De-industrialization in West
28:06 Industrialization in BRICS
28:57 Investment & FDI
33:08 Wages & manufacturing
35:00 Re-industrialization?
38:16 Outro

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