Why is the U.S. dollar, which has lost more than 97% of its value since 1913, the dominant currency in the world? Is that status endangered, and what happens if the dollar loses its global reserve currency status? How bad is it for the U.S. government to have so much debt? Should we worry about inflation? How should we act if substantial further inflation is a threat?
Kenneth Rogoff, perhaps the ultimate insider in the currency game, capably answers questions like these — and many more — in his awkwardly titled memoir, Our Dollar, Your Problem. (The title refers to an insult lobbed by then-Treasury Secretary John Connally at a group of European central bankers in the 1960s.)
As a Harvard professor and chief economist of the International Monetary Fund, Rogoff was party to most of the important discussions and decisions regarding the global financial system during a period when that system was in flux due to the emergence of the euro, the collapse of Russia, the 2008 crash, the COVID crisis, and many other events. A better source of inside knowledge about currencies and global economic governance could scarcely be imagined.
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