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"The dollar's status as the world's reserve currency has given the U.S. prestige and privileges that are unique in the world, lifting living standards by enabling Americans to borrow cheaply and consume far more than they produce with little consequence for decades." There doesn’t seem to be much attention given to the deindustrialization of American. The fact that Americans consume more than they produce makes us dependant upon our enemies for our prosperity. China is expected to displace Japan within months as the world's second-largest economy. Russia, China and the world banks have been exchanging dollars for euros. The dollar has fallen 16% as against the euro in the past 6 months. |