The era of the U.S. dollar’s “exorbitant privilege” as the world’s primary reserve currency is coming to an end. France’s then-finance minister Valery Giscard d’Estaing coined that phrase in the 1960s largely out of frustration, bemoaning a U.S. that drew freely on the rest of the world to support its overextended standard of living. For almost 60 years, the world complained but did nothing about it. Those days are over.