From Berkeleyside
''One of nine East Bay authors who will be honored at the Northern California Book Awards ceremony in San Francisco next month, Eichengreen has written and edited many scholarly books geared to specialists in his field. But the recent economic crisis left him feeling obliged to offer an explanation to people at large, rather than just his colleagues in academia. The result was Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, which the Financial Times calls, “A rare combination of macroeconomic mastery, historical erudition, good political instincts and the sort of stubborn common sense that is constantly placing familiar problems in a new light.''
''In Exorbitant Privilege, Eichengreen starts with wampum and proceeds to remind us that the U.S. dollar has risen to its dominant position globally only within the last two generations. Siding with those who think regulation is necessary to rein in banks, he lucidly explains how U.S. monetary policy “fanned the flames” of the global housing crisis. Now that toxic financial instruments rank among America’s most well known exports— and with the euro facing the challenges of a currency without a country — the Chinese renminbi may soon inherit the dollar’s privileged status.''
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