Josh Hendrickson on the Treasury Standard and Global Dollar Dominance
Macro Musings with David Beckworth
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The Evolution of the Dominance of the U.S. Dollar
Exploring the historical factors and policy choices that shaped the U.S. dollar's journey to becoming the dominant global currency, including the impact of the Federal Reserve's establishment in 1913, the Bretton Woods arrangement, and U.S. foreign policy influences. Analyzing the significance of U.S. Treasury debt, the concept of exorbitant privilege, and the potential fragility of the system if debt levels escalate.
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