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The Rise of the Global Dollar System | Perry Mehrling

Hidden Forces

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The Origins of the International Monetary System

There are many people out there that seem to feel that this is a top down driven process. People say that somehow the US hijacked this wonderful multinational agreement at Bretton Woods. I think that's not really understanding how the system evolved. This was not the United States deciding to be the hegemon. It was the world deciding to use the dollar. And then the US sort of getting dragged kicking and screaming into saying, okay, well, if you're going to using the dollar, then that means that our central bank is sort of the world central bank. We don't really like that. The Fed was not established to be a global central bank. But they still haven't accepted that

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