Katharina Pistor is Professor of Comparative Law at Columbia Law School.
For most of the postwar era, the United States has enjoyed a privileged position as an issuer of both sovereign debt and US dollars that always found takers. But the US may no longer be able to rely on stable demand for its debt or its currency, forcing policymakers to face the truth about how financial markets are made.
Katharina Pistor
August 31, 2026 at 5:28 AM IST
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