Odd Lots

Josh Younger on the Surprising Origins of Eurodollars and Petrodollars

Jun 19, 2023

In this discussion with Josh Younger, Senior Advisor at the Federal Reserve Bank of New York and former JPMorgan Chase expert, the origins of eurodollars and petrodollars take center stage. Younger unpacks how these dollar variants emerged post-World War II and their pivotal role in shaping global finance. He delves into regulatory challenges and the surprising connections between eurodollars and even a communist bank in Paris. The impact of geopolitical events, like the 1973 oil embargo, further illustrates how these concepts reshaped investment strategies and currency dynamics.

51:43

Creator website

Episode guests

Josh Younger

Highlights

AI Chapters

Episode notes

The Different Flavors of Dollars

01:01

The Perfect Gin and Tonic and a Lesson in Petrodollars

00:50

The Birth of the Continental Dollar Market in 1959

01:06

Intro

2min

The Rise of Dollar Variants: Eurodollars and Petrodollars

13min

The Dynamics of Eurodollars and Regulatory Challenges

4min

The Eurodollar Evolution: A Historical Perspective

11min

Transformations in Financial Markets: The Impact of War and Oil Embargo

2min

The Rise of Petrodollars: A Historical Perspective

21min

Final Thoughts and Community Engagement

2min

De-dollarization is all the rage right now, with lots of talk about whether the US currency will be able to maintain its dominant status in the global financial system. But regardless of what happens in the future, it's worth asking how we got to this point originally. How is it that the dollar came to dominate not just global trade flows but also became the currency of choice for things like buying oil? And why are there large pools of eurodollars sitting outside the United States? In this episode, we speak with Josh Younger, formerly of JPMorgan Chase and now a senior adviser at the Federal Reserve Bank of New York, about the surprising policy decisions that went into creating eurodollars and petrodollars, and why they matter now.

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