#19 – Logan Chipkin: Understanding Economics
Arjun Khemani Podcast
The American Empire and the Bretton Woods Agreement
The United States was really the dominant economic superpower in the western world after World War Two. The agreement was that other countries central banks would hold US dollars as their reserve for their local nation's currency. In 1971 President Nixon of the United States basically said nah sorry you can no longer redeem your dollars for gold and since 1971 it's basically been a fiat free for all. This reminds me I should recommend Alex Gladstein's excellent book Check Your Financial Privilege but maybe I'll do that at the end too. We're going to delve into Bitcoin and other cryptocurrencies somewhere in this conversation because we've talked about how sound money facilitates rational memes that are strengthened by criticism.
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