Donald Trump loves telling us all about how fantastic the stock market has done under his leadership. And why wouldn’t he? Despite a few hiccups, it’s been a great run, no doubt (for those invested in equities, anyway). But, in a stat that surely won’t

Back in 1965, Valéry Giscard d’Estaing, then France’s minister of finance, famously called the benefits that the United States reaped from the dollar’s role as the world’s main reserve currency an “exorbitant privilege.” The benefits are diminishing with the rise of the euro and China’s