The U.S. Dollar’s Global Reserve Status: No Sign of Slipping

Even America's declining share of global GDP seems not to matter much.

NRPLUS MEMBER ARTICLE E ven in these strange times, the perennial features of the world continue apace. Here in the United States, summer is turning to fall. Perhaps no less predictably, a fresh set of forecasters is predicting the end of the U.S. dollar’s status as a reserve currency. New varietals this year involve digital money and fresh fronts of economic conflict between the U.S. and China.

Many of these predictions presume the U.S. dollar’s reserve status to be a function of the U.S. government’s geopolitical heft. The problem with the prognostication? The evidence (or lack thereof).

America’s geopolitical clout has seen peaks and valleys since

Joseph W. Sullivan served at the White House Council of Economic Advisers as the special advisor to the chairman, as well as a staff economist, from 2017 to 2019.

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