CHARLOTTESVILLE, VIRGINIA—After the 9/11 terrorist attacks, US President George W. Bush called on Americans to go shopping. While some people claimed at the time that Bush was encouraging irresponsible spending (a criticism that gained traction following the 2008 global financial crisis), he was acknowledging the reality that consumption has long powered America’s formidable economy.

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Over the past 20 years, household consumption has, on average, accounted for roughly 56% of the United States’ annual GDP growth—reflecting an atypical economic structure that is both an unintended byproduct of dollar dominance and the result of a deliberate growth strategy.

The dollar’s position as the world’s reserve currency has........

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