> print money and then make the rest of the world pay the bill
It is true that it's a benefit of US hegemony. The rest of the world will pay a minority fraction of the direct monetary bill (they'll take a minority share of the debasement hit over time). The vast majority of the wealth and productivity held/represented in US dollars, is in the US economy.
The worst of what the rest of the world sees isn't actually a direct financial cost in the manner the US will see that bill. The worst part is the risk of commodity prices increasing in a disorderly manner, as they did when the Bush Administration tanked the US dollar with spending + deficits + tax cuts and the wars, along with the Fed's over aggressive actions to try to dodge a recession after 9/11 (which then helped to cause the housing bubble afterward). The world got food turmoil [1] out of that dollar-inspired commodity bubble, which caused vast civil unrest around the world, primarily in less stable and poorer nations.
The motions of the dollar cause wild effects all over the planet, from food to banking/finance to energy. That's a much worse risk than the world eating 15% of the bill for what the Fed does here. Granted, that is indeed a form of paying the bill (so to speak), it's a different kind of bill than the one the US will likely be paying.
It is true that it's a benefit of US hegemony. The rest of the world will pay a minority fraction of the direct monetary bill (they'll take a minority share of the debasement hit over time). The vast majority of the wealth and productivity held/represented in US dollars, is in the US economy.
The worst of what the rest of the world sees isn't actually a direct financial cost in the manner the US will see that bill. The worst part is the risk of commodity prices increasing in a disorderly manner, as they did when the Bush Administration tanked the US dollar with spending + deficits + tax cuts and the wars, along with the Fed's over aggressive actions to try to dodge a recession after 9/11 (which then helped to cause the housing bubble afterward). The world got food turmoil [1] out of that dollar-inspired commodity bubble, which caused vast civil unrest around the world, primarily in less stable and poorer nations.
The motions of the dollar cause wild effects all over the planet, from food to banking/finance to energy. That's a much worse risk than the world eating 15% of the bill for what the Fed does here. Granted, that is indeed a form of paying the bill (so to speak), it's a different kind of bill than the one the US will likely be paying.
[1] https://en.wikipedia.org/wiki/2007%E2%80%9308_world_food_pri...