Stokes, Doug - In: Review of International Political Economy 21 (2014) 5, pp. 1071-1094
Towards the end of 2012, the US budget deficit stayed above US$1 trillion for the fourth year in a row. In the absence of the dollar's international reserve currency status, foreigners' willingness to purchase US debt would diminish sharply. 'Declinists' have argued that this Achilles' heel of...