Author warns of risks of dollar dominance

The author of a new book has emphasized the importance of wisely managing the US dollar, given its status as the world's dominant currency.

"We have this great power, and that means we have a commensurate amount of great responsibility," said Paul Blustein, author of King Dollar: The Past and Future of the World's Dominant Currency.

He made the comments during a book talk this month at the Center for Strategic and International Studies in Washington DC. Blustein, formerly a reporter with The Washington Post and The Wall Street Journal, is a senior associate with the Economics Program and Scholl Chair in International Business at the center.