The burgeoning US current account deficit, prime cause of the dollar’s sharp slide since 2001, is “not an issue”, according to Bill Miller (pictured), one of the most influential investors in the US.

Mr Miller, chief executive officer of Legg Mason Capital Management, which has famously outperformed the S&P 500 for 14 consecutive years, argues that the dollar’s status as the world’s reserve currency will shelter the US from the crises that have afflicted other countries with large deficits such as Argentina and Brazil.