Exorbitant Privilege and the Long-End Test
September 5, 2025 • George Griffiths
Exorbitant Privilege sounds like the most wonderful ice cream flavour, but the phrase, coined by French finance minister Valéry Giscard d’Estaing, describes America’s ability to run persistent deficits while still borrowing cheaply in global markets. For decades, this privilege has rested on the dollar’s dominance and the world’s willingness to[...]