Exorbitant Privilege : The Rise and Fall of the Dollar and the Future of the International Monetary System Kindle Books Reviews
Exorbitant Privilege : The Rise & Fall of the Dollar & the Future of the Global Financial Program
For much more than 50 percent a century, the U.S. dollar was never just America’s forex, but the world. It is employed by making the world by importers, exporters, investors, governments & central banks. Nearly three quarters of all $ one hundred bills in circulation exterior the United States. The dollar holdings of the Chinese government alone much more than $ one,000 per resident Chinese are coming. This dependence of bucks from banks, firms & governments all around the globe, is a resource of strength for the United States. It is, as one critic of U.S. policy has been formulated, America’s “exorbitant privilege.” But actual occasions have considerations that this might quickly be a privilege misplaced. Among these, the impact of the financial crisis & the Great Recessi been
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March 7th, 2011 at 5:36 am
Excellent history, weaker on prediction,
As other reviewers have noted, the first half of this book is a history of US currency in international transactions. While important, this material is necessarily dull. The author does an excellent job of making it no duller than it has to be. He does not leave out the important minutiae of trade acceptances and special drawing rights, but he explains them clearly and without jargon; without droning on beyond the needs of the history. The author has an extremely dry sense of humor, easy to miss but worth catching, and works in enough amusing detail to keep you awake.
Compared to the conventional story, this book presents a generally negative picture of currency management, especially in Europe and doubly especially in the UK. The US makes its share of mistakes in the book, but fewer than other countries. That plus two world wars propelled the dollar to international prominence. The careful parsing of history also reveals that currency hegemony is more fragile than commonly thought, it is largely coincidence that we have had only two dominant world currencies, sterling and dollar, over nearly 200 years.
Over the last 20 years fiscal mismanagement and financial crisis threaten the dollar’s global role, and other countries have made successful innovations. But the dollar’s relative advantages remain strong, which should at least make one of the major international currency if we don’t screw things up too much. However no currency is likely to dominate the way the pound did in the 19th century or the dollar did in the 20th.
On the downside, the book has a narrow focus. Financial markets are absent from the story, except when they are causing trouble. The author’s analysis of those troubles seems pulled from a few fulminating editorials, in contrast to the careful research on monetary topics (supported by excellent notes and references). Trade flows and import/export considerations are emphasized while the much larger financial flows get scant treatment (and, again, only when the cause trouble). There is no deep treatment of banks, we see them only as lobbyists for monetary affairs. It’s hard to believe you can describe money without some discussion of banks and finance.
My other criticism is I found the predictions based to be based entirely on history. While history can teach us a lot, the world has also changed in important respects. Can we really turn back the clock in a global financial system with an Internet? Maybe the answer is “yes,” but you won’t find convincing arguments in this book.
Overall, I recommend this book highly for people who are already knowledgeable about finance and financial history. You will learn a lot. I have only a qualified recommendation for others. You will also learn a lot, but I think the knowledge will be unbalanced, and the conclusions possibly misleading.
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|March 7th, 2011 at 6:11 am
Sobering assessment of America’s future,
“Exorbitant Privilege” by Barry Eichengreen offers an uniquely powerful analysis of the U.S. economy and its future. Mr. Eichengreen expertly blends politics, history, and economics to weave a fascinating narrative about the underappreciated but vital subject of fiscal policy. Underscoring the central importance of sound fiscal management to our lives, this book should interest policy makers and students of economics alike.
Mr. Eichengreen takes us through a brief history of American currency practices from the colonial period to today. Interestingly, we learn that foreign currencies such as the peso were commonly used well past the founding of the U.S. government and its fledgling currency, the dollar, was established. Yet, even as the U.S. grew to become the world’s largest economic power, the dollar would not come to dominate international trade until after the devastation of two world wars left the U.S. standing alone as the sole remaining capitalist power. The author goes on to explain how the U.S. benefits from the dollar’s status as the reserve currency of the world; an exorbitant privilege that, if squandered, would have meaningful implications for our economy.
On this point, Mr. Eichengreen discusses historic events such as the Suez Canal Crisis to illustrate how American power and the dollar are inextricably entwined. Mr. Eichengreen discusses the 2008 financial crisis which has raised serious questions about America’s financial stability. Although foreigners were rightfully upset at watching their dollar investments lose value, the author coolly asserts that all serious challengers have their own flaws. However, the author believes this may well change in the future, as the European Union, China, India and Brazil repair their own deficiencies and seek to gain advantage.
In fact, Mr. Eichengreen believes the greatest threat to the dollar will not come from China but from America’s own mismanagement and growing indebtedness. Although the prospect of China dumping its dollars wholesale might alarm some, Mr. Eichengreen reasons this is not likely given that China would in effect be only hurting itself. Mr. Eichengreen prescribes a structural adjustment plan akin to Germany’s recent experiences from 2003 to 2010; where a combination of tax increases, spending cuts and investments in education and infrastructure might help restore a measure of economic growth and competitiveness to the U.S. economy. The alternative, the author suggests, is to risk a ballooning deficit that might trigger a wholesale rout of the dollar; with serious economic consequences for the nation.
I highly recommend this exceptionally intelligent, timely and important book to everyone.
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