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A man walks past a money exchange shop in Central, a business district in Hong Kong A man walks past a money exchange shop at Central, a business district in Hong Kong, June 10, 2019 (AP photo by Kin Cheung).

Dollar Doomsayers Are Wrong—Again

Tuesday, Jan. 19, 2021

Editor’s Note: Guest columnist Daniel McDowell is filling in this week.

The dollar’s status as the global reserve currency is in grave danger—at least that’s what a growing chorus of pundits and observers are saying. The U.S. government has embarked on a debt-driven spending spree as the country grapples with the COVID-19 pandemic and its economic repercussions. This explosion of U.S. borrowing, combined with more “money printing” by the Federal Reserve, has led mega-investors, hedge fund managers, economists and elite financial institutions to sound the alarm in recent months. ...

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