Hidden Forces Will the U.S. Dollar Survive the Breakdown of the International System? | Paul Blustein
28 snips
Apr 28, 2025 
Paul Blustein, a seasoned financial journalist and economic historian, delves into the U.S. dollar's storied resilience amid global crises. He discusses how the dollar secured its status as the dominant currency and examines recent U.S. policy shifts and their international implications. The conversation touches on rising protectionism, dwindling investor confidence in U.S. leadership, and potential threats from cryptocurrencies, painting a picture of a precarious future for dollar hegemony in a changing economic landscape.
AI Snips
Chapters
Books
Transcript
Episode notes
IMF Crisis Call Anecdote
- Paul Blustein shares a story about IMF official Jack Borman receiving a crisis call at Thanksgiving 1997.
- This illustrates the urgent, high-stakes nature of managing global financial crises.
Federal Reserve Centralized Dollar
- The Federal Reserve's creation in 1913 centralized and backed the US dollar.
- This federalization gave legal and regulatory authority, increasing public confidence in the dollar.
CHIPS Powers Dollar Settlements
- CHIPS is the vital system for clearing and settling most international dollar payments.
- It's crucial for enforcement of US sanctions due to its US legal jurisdiction over foreign bank branches.
