Michael Dooley on the International Monetary System and Future of Global Dollar Dominance
Macro Musings with David Beckworth
00:00
The Us. Supplying a Safe Aset
The freezing of russia's dollar foreign exchange reserves has driven warnings that the dollar may lose its dominant status. In order for an asset to behaver is a function as collateral against bad behavior facin the seizure of foreign assets, you need several things in place. The us produces assets that are unsafe to those who misbehave. It does all kinds of things to this kind of country and it shows that an important country can choose to suffer costs which appear at least to be irrational.
Transcript
Play full episode
