5min chapter

Forward Guidance cover image

Dr. Perry Mehrling on The Dollar Standard, Globalization of Shadow Banking, and Charles Kindleberger

Forward Guidance

CHAPTER

The Dilemma of Kindleburger

The economics profession is generally thinking about economic policy as a national thing. Kindleburger is always thinking globally. He's thinking about the dollar system, not about what's best for the United States. The Eurodollar system grew up because the US rejected having New York as the new London. But so that's how the dollar system expanded, frankly, by the US refusing.

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