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Cullen Roche argues that reserve currency status is not a choice made by any single nation, but rather a result of global market dynamics. According to Roche, the U.S. dollar's dominance is largely due to the desire of foreign sellers to reach the wealthiest consumer market in the world, while those consumers seek the best possible prices.
He adds that this is a positive outcome of a functioning free market, providing consumers with broad access to global goods and services.
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Roche has recently questioned the Modern Monetary Theory response to the pandemic, raising concerns about calls for larger deficits and low interest rates in his analysis of MMT recommendations during Covid. He also observed that household net worth relative to income has reached record highs, according to a separate note on household wealth trends. Both topics add context to current discussions on currency and market dynamics.