For years, the dollar's role as the major global currency has been termed an "exorbitant privilege" — a phrase coined by French Finance Minister and later President Valery Giscard d'Estaing.
Now it may be turning into an extravagant curse. The United States wants export-led growth. So do most other countries.
Not all can succeed; one country's export surplus must be others' deficits. But the dollar's global role puts the U.S. at a special disadvantage. It's one cause of slow American growth and high joblessness.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.