Note that the dollar as reserve currency means the the rest of the world is exporting unemployment to the US via currency operations. http://www.foreignpolicy.

Note that the dollar as reserve currency means the the rest of the world is exporting unemployment to the US via currency operations. http://www.foreignpolicy.com/articles/2011/09/07/an_exorbitant_burden http://www.foreignpolicy.com/articles/2011/09/07/an_exorbita... has a good analysis of the situation there. The US would be much better off economically if USD were not the world's reserve currency. In particular, we wouldn't need the QE business at all if we weren't having China's and Germany's unemployment forced on us. Of course it's simpler to latch on to the phrase "Exorbitant Privilege" and hate the US than it is to try to analyze all the pieces of what's going on.