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The Rise of the Global Dollar System | Perry Mehrling

Hidden Forces

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The Challenge for the Dollar in a World That Feels Like It's Coming Apart

The world is quite integrated through the relationships between these major currencies in the FX swap market. Charlie Wilson was not a big fan of the euro because he thought of it as breaking the world into islands. He had hoped that New York would emerge as the global dollar market, both short and long-term. That was killed by Nixon in 71. But what happened instead was the euro dollar system and the euro bond system.

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