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Pierre-Olivier Gourinchas on Geopolitics and Dollar Dominance

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CHAPTER

The Triffin Dilemma

The original triffin dilemma goes back to breton woods period, when eb an was a distinguished economist at yale. I observed that if the es was going to be paged to gold, and all the other countries were paid to the dollar, then there would be more demand for dollars. But of course, the us. Could provide this dollars, but if it was supposed to be pack to gold,. and at some point it may not have enough gold to back stop the entire dollar insurences. So that's the equivalent of the tritindila minus o, the new tritin dilemma. When we reach that point, perhaps Treasuries or the us. Dollar assets are

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