In his book "The Ascent of Money," Niall Ferguson discusses the historical tensions between the U.S. and France over the dollar's role as a reserve currency. French officials argue that the U.S. is taking advantage of its dominant position, generating revenue through seigniorage by issuing dollars to foreign creditors. This situation mirrors how medieval royalty exploited their control over currency minting to reduce the monetary value, creating a parallel concern about economic fairness and integrity in modern finance.

The French complaints highlight a deeper issue of power dynamics in international finance. The ability of the U.S. to print money and benefit economically from this practice raises questions about the equity of such privileges. This debate reflects ongoing anxieties regarding global currency dominance and the repercussions for countries that rely heavily on the dollar for trade and reserves, much like historical grievances over currency manipulation.