West Point Paper -- Part 2/4

"US Dollar Primacy in an Age of Economic Warfare" - This paper was presented at the West Point Symposium on "Order, Counter-Order, Disorder" on February 9, 2023.

Key Economic Pillars of National Power and USD Hegemony

The USD’s status as GRC gives the US “exorbitant privilege” for three reasons: 1) the USD is widely used by central banks around the world and accounts for ~60% of foreign exchange reserves, 2) the USD is the de facto standard for international trade and accounts for just under half of global trade …