Barry Eichengreen

There is debate amongst economists. We debate everything, of course, but there's debate amongst economists about whether the benefits on net are small, medium-sized, or large. But I think there is a broad-based consensus that we're better off having the dollar playing this exceptional role.

I've been predicting the gradual loss of the dollar's exceptional status for 15 plus years.

banks and firms and U.S. tourists have the convenience of being able to do cross-border business in their own native currency.

So there's convenience value. Number two, there has been traditionally insurance value.

So when Lehman Brothers failed in 2008, You know, we did that. We caused the bad thing. The dollar exchange rate didn't collapse. It strengthened because everybody rushed into dollars valuing their liquidity and safety. Number three, the U.S. government can borrow at lower interest rates than otherwise.

And number four, it gives us a financial weapon to use, hopefully judiciously,