Text size About the author: Leslie Lipschitz is former director of the IMF Institute, has taught at Johns Hopkins University and Bowdoin College, been a guest scholar at the Brookings Institution, and an advisor at Investec Asset Management. China, Russia, and a number of emerging market countries have long resented the so-called exorbitant privilege of the U.S. dollar. They object to its role as the global currency in trade and official reserve holdings, and the status of U.S. treasury debt as the global safe asset. This exorbitant privilege and the associated demand for dollars by the rest of the world…