A CONSENSUAL HALLUCINATION: THE U.S. DOLLAR'S WORLD ROLE

An exorbitant privilege. That is what French President Valéry Giscard d'Estaing called the U.S. dollar's role as the global international reserve currency. That role brings many advantages but is it sustainable and worth any costs? What would it take for an alternative to emerge? The raising of the debt ceiling, the rise of China as a financial power and recent troubled economic times in the United States have many questioning the future of the U.S. dollar. A BETTER PEACE welcomes Rob Farley and Mark Duckenfield to discuss the realities of the power and place of the U.S. economy in the international market. They join podcast host Ron Granieri for a conversation about world finance. Their goal is to explain why debt is actually necessary, why the Chinese renminbi won't likely become the new reserve currency and how much gold could fit in Bliss Hall here at the War College.