That the US economy still seems to be in shape despite the pandemic ravaging the country for more than two months should not only be attributed to its resilience, but also to the privilege the US enjoys from the dollar being the international reserve currency.

And with its unemployment rate being the highest since the Great Depression — 14.7% in April — and the unprecedented downward pressure on the world economy brewing further headwinds, the US government should appreciate the urgency of getting a grip on the country’s worsening crisis...

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