I don't think the the dollar's position as the reserve currency does the U.S. any favors. It seems to me it's a resource curse - like oil in the gulf states.

I don't think the the dollar's position as the reserve currency does the U.S. any favors. It seems to me it's a resource curse - like oil in the gulf states. Nominally sitting on all that oil is good for them but it also stops them from doing anything else - because nothing else will ever be as productive as pumping oil out of the ground. The U.S. on some level is literally making money. The consequences of making too much are felt by everyone in the world as opposed to just people in the U.S. If you can do that - why do anything else?