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February 22, 2005

"Exorbitant Privilege"

Pierre-Olivier Gourinchas reports that it was not Charles de Gaulle but his then-lieutenant Valery Giscard d'Estaing who in the early 1960s first denounced the U.S.'s "exorbitant privilege" as the center of the international monetary system.

Posted by DeLong at February 22, 2005 11:30 AM