“The dollar is the world's reserve currency,” is a statement as American as apple pie. But in a new op-ed for the New York Times, Jared Bernstein, a former economic adviser to Vice President Joe Biden, says that has got to change.
“The problems that having the dollar as the primary reserve currency are causing in our economy and have been causing for years, I think, are deeply under appreciated,” said Bernstein, now senior fellow at the Center on Budget and Policy Priorities. “They include a large and persistent trade deficit, so we’re exporting millions of good jobs overseas… We’ve ended up with asset bubbles, and a marked budget deficit, high unemployment.”
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