"Dollar primacy feeds a growing American trade deficit that shifts the country’s economy toward the accumulation of rents rather than the growth of productivity. This has contributed to a falling labor share of income [among other ills]." - @BuddyYakov phenomenalworld.org/analysis/the-c…
"Rather than viewing the dollar system as primarily a national tool of the United States government, we should understand it as a consequence of a globalized economy that privileges the preferences of financial elites for the free, international movement of capital."
"A globalized system with a dominant key currency aids the accumulation of rents at the expense of higher consumption from workers in exporter countries and the hoarding of those rents in the legal black hole of offshore finance."
"Demand for high quality dollar-denominated assets saddles the US with financial ‘Dutch Disease,’ in which the reliance on exporting a single commodity raises the exchange rate, squeezing out the production of tradable, value-added goods in favor of services and financial rents."
"The main domestic symptom has been the rising costs of non-tradable goods—medicine, real estate rents & education—over tradable goods. This disconnect is at least in part responsible for the country’s low rate of inflation, falling wage share & increased economic insecurity."
"To go beyond managing the status quo, we need to first recognize that the dollar system evolved not as a tool of imperial statecraft, but as the project of a transnational elite that has effectively usurped control of an international public good."
