Robert McCauley on the Global Domain of the Dollar and Threats to Its Dominance
Macro Musings with David Beckworth
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Do We Have a New Basel Agreement?
The Fed is effectively the way that we know back stopping this global system and it allows firms to develop these dollar liabilities. So be careful what you wish for, but we haven't done a very good job at home on this front. Until we can do something on the home front there's no sense going out and talking about this to the rest of the world like we have the right answer if only they would take our right answer. We haven't come up with the right answer yet so virtue begins at home.
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