The Exorbitant Privilege of Being the Reserve Currency

Argentina and Brazil say the dollar has become de facto currency of their countries. This emasculates policy because it means that Argentina and Brazil are not sovereign countries, he says. "We spent the 70s, 80s and 90s following the German currency ... trying to pretend that we were little Germans" He adds: 'Once we got the German currency, then suddenly we got German interest rates'