Point 6 in his appendix is in counterpoint to his own article in that it states the benefits to the US of the USD being the international reserve currency. Wilson and Riley&#x27;s article is accurate! However they fail to mention that US denominated debt is simply an instrument for controlling the overnight interest rate target, rather than a borrowing operation used to fund government spending (ie. it&#x27;s not really &quot;debt&quot; at all) and that the US government has the capacity to pursue full employment because it runs a sovereign, floating exchange rate currency which gives it maximum domestic policy space. Wilson and Riley correctly state that running a trade surplus is a disadvantage to the local population in that exporting everything increases costs to local consumers -- exporting is a net cost, importing is a net benefit.<p>For more on this see:<p>Introductory video: <a href="https:&#x2F;&#x2F;www.youtube.com&#x2F;watch?v=i35uBVeNp6c" rel="nofollow">https:&#x2F;&#x2F;www.youtube.com&#x2F;watch?v=i35uBVeNp6c</a><p>Book that describes everything in detail: <a href="http:&#x2F;&#x2F;www.amazon.com&#x2F;Modern-Money-Theory-Macroeconomics-Sovereign&#x2F;dp&#x2F;0230368891" rel="nofollow">http:&#x2F;&#x2F;www.amazon.com&#x2F;Modern-Money-Theory-Macroeconomics-Sov...</a>