The Capitalism and Freedom in the Twenty-First Century Podcast

The US Dollar And International Economics With Harvard’s Kenneth Rogoff

9 snips
May 22, 2025
In this engaging discussion, Kenneth Rogoff, a Harvard professor and former IMF Chief Economist, shares insights from his remarkable career in economics. He dives into the complexities of public debt and its impact on growth, critiquing current fiscal policies. Rogoff also tackles the future of currency, discussing the risks of cash abolition and the rise of cryptocurrencies. He further explores the US dollar's position as the world's reserve currency, the intricacies of exchange rates, and the effects of tariffs on international trade.
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ANECDOTE

Rogoff's Chess to Economics Journey

  • Kenneth Rogoff was a chess grandmaster earning more than early academic economists.
  • He chose to quit chess and focus on economics, eventually maturing through graduate studies and Federal Reserve research.
INSIGHT

Debt-GDP Growth Relationship Nuanced

  • Growth tends to slow noticeably when public debt crosses roughly 90% of GDP.
  • This doesn't imply a sharp cutoff but a gradual risk increase, contradicting simplistic austerity arguments.
INSIGHT

Cash, Privacy, and Taxation Trade-offs

  • Most large cash notes circulate to evade taxes and illegal activities, which challenges privacy rights.
  • Finding balance between privacy and law enforcement is crucial for designing digital currencies.
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