Preface
Chapter 15 points out that, in addition to its size and the strength of its financial markets, the U.S. enjoys advantages that most other countries can only aspire to. These advantages include the robustness of its public, political, and legal institutions, along with a strong and self-correcting system of checks and balances among these institutions.
The threads of argument in the book converge to a conclusion that the dollar will continue to reign as the leading reserve currency for many years to come. This dollar-centric equilibrium seems to be unstable, with big risks for the entire world economy. The very fear of the devastation that would be wrought if it were to fall apart might, paradoxically, serve to make this equilibrium a stable one.
I leave it to the reader to decide whether the book’s conclusion is a comforting or disturbing one.
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