Planet Money The dollar at the center of the world (Classic)
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Mar 10, 2022 After World War II, the U.S. dollar emerged as the dominant global currency at the Bretton Woods Conference. Delegates clashed over visions for a universal currency, highlighting debates between Bancor and the dollar. Discover the intriguing dynamics among key figures like John Maynard Keynes and Harry Dexter White. The podcast also touches on espionage rumors surrounding White, revealing how personal controversies influenced international economics. Discover how U.S. sanctions have reshaped the dollar's role in today's world.
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Dollar Dominance
- Global trade relies heavily on the U.S. dollar.
- Even transactions between non-U.S. entities often use dollars.
Post-War Currency
- The dollar's dominance wasn't always the case.
- A global agreement post-WWII led to the selection of a single trade currency.
Keynes vs. White
- John Maynard Keynes and Harry Dexter White clashed over the future of global currency.
- Keynes envisioned a universal currency, while White championed the dollar.
