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Ken Rogoff, Professor of Economics, Harvard and Former Chief Economist, IMF

Sep 2, 2025
Ken Rogoff, a Harvard Economics professor and former IMF Chief Economist, dives deep into the dynamics of the U.S. dollar's dominance. He highlights the unique advantages of this status, like lower borrowing costs and sanctions power, while cautioning about the associated vulnerabilities. Rogoff shares insights from historical currency crises and warns against complacency regarding fiscal policy. He emphasizes that the future of dollar dominance hinges on maintaining central bank independence and navigating political influences on economic stability.
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INSIGHT

Calm Masks Systemic Vulnerabilities

  • Ken Rogoff wrote Our Dollar, Your Problem to warn that calm periods hide vulnerabilities in debt, inflation, and reserve-currency dominance.
  • He aims to remind economists to study history and consider inflation and debt risks seriously.
ANECDOTE

Firsthand Policy Moments

  • Rogoff weaves personal anecdotes from meetings with leaders and crises to illustrate transitions in global finance.
  • He uses first-person episodes to explain policy decisions and their consequences.
INSIGHT

Limits Of Rigid Currency Pegs

  • Fixed exchange rate regimes repeatedly collapsed because rigid pegs couldn't adapt to shocks or capital flows.
  • Rogoff links historical gold/dollar links and 1971 break as examples of inevitable pressures on fixed systems.
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