Obama’s Former Chief Economist Calls For An End To US Dollar Reserve Status

Tuesday, September 9, 2014
By Paul Martin

by Jared Bernstein

“…what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar’s reserve-currency status…The privilege of having the world’s reserve currency is one America can no longer afford.”

– former Chief Economist and Economic Adviser to Vice President Joe Biden, executive director of the White House Task Force on the Middle Class, and a member of President Obama’s economic team.

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