John Hurley

John Hurley is the U.S. Treasury Under Secretary for Terrorism and Financial Intelligence and former managing partner of Cavalry Asset Management, a San Francisco investment firm focused primarily on publicly traded technology companies. He has also served on national security and economic policy boards, was a lecturer in finance at Stanford Graduate School of Business, and previously served as a U.S. Army officer during the First Gulf War.

Dollar Dominance Could Erode Without a Clear Successor Currency

At a Hoover Institution conference on central-bank independence and international risks, Condoleezza Rice, Arvind Krishnamurthy, Stephen Redding and Kenneth Rogoff argued that dollar dominance can no longer be analyzed apart from U.S. security commitments, fiscal policy, technology competition and trade frictions. The central claim running through the discussion was that the United States still benefits from a powerful reserve-currency position, but that privilege depends on confidence in safe dollar assets and stable institutions. Krishnamurthy quantified the reserve-currency asset as a large interest-rate benefit, while Redding and Rogoff warned that tariffs, fiscal strain and political pressure on the Federal Reserve could make erosion costly even without a clear successor to the dollar.

Hoover InstitutionJun 1, 202621 min read