That wouldn't matter. "Exorbitant privilege" is a thing but it's not that much of a thing. Notice Argentina, which has the opposite of our privilege, still gets

That wouldn't matter. "Exorbitant privilege" is a thing but it's not that much of a thing. Notice Argentina, which has the opposite of our privilege, still gets loans - there's no other set of countries for lenders to go to. The reason it looks like we have magic fiscal policy and Europe doesn't is that Europe just loves austerity and refuses to print money basically because they're stubborn. They could and should do it too.