Monetary Reform Would Rebalance Trade - The dollar’s status as global reserve currency is as responsible as bad agreements for the deficit - WSJ

"In 1973 the world held $500 billion in foreign-exchange reserves (in 2017 dollars); last year it was $11 trillion, a 22-fold increase. About two-thirds of total reserves are now denominated in dollars. Because of high global demand, the dollar’s international position is always stronger and U.S. interest rates are lower than they would be otherwise. This, in turn, means that America’s budget and trade deficits swell in tandem, while U.S. exports are costlier and imports are cheaper, regardless of trade practices."

Source: Monetary Reform Would Rebalance Trade - The dollar’s status as global reserve currency is as responsible as bad agreements for the deficit - WSJ