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Jon Jeter is a former Washington Postâ€™s bureau chief for Southern Africa and South America and a former producer for This American Life. He is also the author of Flat Broke in the Free Market: How Globalization Fleeced Working People. He lives in Brooklyn.
(7 comments) SHARE Monday, October 1, 2018 An end to the privilege of printing the world's reserve currency
Today the US has almost no manufactured exports, and we export agricultural products from plantation farms, much like a banana republic. 35 years ago, we went from the world's biggest creditor to the world's biggest borrower, and our debt has been growing exponentially ever since.So, how is US wealth and prosperity maintained? It's because the dollar is the world's common means of exchange.