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Chasing US Exceptionalism
The "US dollar exceptionalism" narrative comes in many flavors, just like its political counterpart, "American exceptionalism."
In both cases, the underlying thesis says there's something special about the US that makes it... well, exceptional, and "uniquely virtuous," as one Harvard political scientist put it a dozen years ago while calling the whole story a "myth."
Decades of foreign policy boondoggles, worsening political gridlock and, more recently, the deterioration of democratic norms an
Wow, the managers of Norway’s SWF strike me as particularly brave considering half their nation’s large money pot is largely invested in seven US stocks (by proxy, at least). I hope that bet doesn’t turn on them.
And when Donald Trump, a uniquely malign influence in American politics, finally shuffles off this mortal coil — which he most assuredly will — WFs and institutional investors will have even more reason to allocate funds to U.S. dollar assets.