Can You Say "Exorbitant Privilege?" You Can Write for the New York Times

Ruchir Sharma again used a New York Times column to complain about plans put forward by Elizabeth Warren and Donald Trump (more the former than the latter) to lower the value of the dollar to make U.S. goods and services more competitive in the world economy. While he raises a number of geopolitical arguments, the gist of his economic argument is that the U.S. is able to run large and persistent trade deficits because the dollar is the leading reserve currency in the world. (Hence the "exorbi...