America was now a fully fledged deficit country, with a big trade deficit. But it was nothing like any other deficit country in the world. You see, A… - Yanis Varoufakis

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America was now a fully fledged deficit country, with a big trade deficit. But it was nothing like any other deficit country in the world. You see, Argentina, France, India, Greece needed to borrow dollars. America didn't need to borrow dollars to back up its currency. It didn't need to raise interests rates in order to prevent an exodus of dollars. The exodus of dollars was the foundation of American hegemony.