The End of Influence: What Happens When Other Countries Have the Money by J. Bradford DeLong

Author:J. Bradford DeLong [DeLong, J. Bradford]
Language: eng
Format: mobi
ISBN: 9780465020072
Publisher: Basic Books
Published: 2009-12-04T16:00:00+00:00

THE ONCE AND FUTURE DOLLAR

And what of the dollar? Could a sudden, sharp decline in the value of the dollar destroy foreign government wealth holdings and make them a curiosity and not a problem? (Back in 1985, remember, the fear was that Japan was going to own America and then Japan’s accumulated and capitalized export surpluses largely vanished between the Plaza Hotel and the Louvre as the dollar fell in value.) Alternatively, can foreign debts owed by America lead to a dollar crash that cripples the U.S. economy in a manner analogous to the Mexican crisis of 1994-1995, the East Asian crisis of 1997-1998, or the Argentine crisis of 2001- 2003—only marvelously bigger? It is likely that the answers to these questions are no and no.

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