The Rasheed Griffith Show

Lawrence White, a Professor specializing in monetary systems and comparative history of money, joins the podcast to discuss a comparative history of money, from the gold standard to Bitcoin. Topics include dollarization in Latin America, the potential role of Bitcoin as a reserve currency, the challenges of becoming a global currency, the role of the US dollar and trust in the judicial system, the concept of indexed accounts, and the impact of CBDCs on cash usage and civil liberties.

Send us a text"1 in 10 Icelanders write books." This curiously repeated statistic, (accuracy notwithstanding) stems from Iceland's proud literary heritage. The North Atlantic island nation is renowned for its contributions to the arts, gender norms, and governance. This episode's guest, Egill Bjarnason (a writer himself) gives us some insight into the origins of this cultural dynamism, the modern policies that foster its continuation, and the resulting influence beyond Iceland across the globe. At just over 370,000, Iceland's population is surpassed by some Caribbean countries (Trinidad & Tobago is 1.3 million). Like the Caribbean, in the art world, the Nordic nation punches well above its weight. Today, Icelandic works are a common sight on lists like the NYT Bestsellers. Egill surmises that this propensity for storytelling is rooted in the realities of the harsh Icelandic winter. From as far back as the early Norse settlers, stories were the main entertainment during the months when everyone was stuck indoors. This skill has been passed down and cherished through many generations and continues today in the form of book writing. In Reykjavík, one might visit a bookstore and come upon books written by a neighbor, a colleague, or any other unassuming member of the community. How is it that not only has the tradition continued, but remained so accessible that anyone can put pen to paper and have their work published? Egill says that's where government grants come in. The Icelandic government acknowledges the importance of the arts to its citizens, through financial assistance and incentives for would-be novelists, musicians, and more. In essence, art forms a core part of the famous Nordic Welfare State. In 1980, Iceland made history as the first country in the world to elect a female head of state democratically. Vigdís Finnbogadóttir, served as president from 1980-1996. She initially ran simply to show that a woman could run a political campaign and did not expect to win. Today, Iceland tops global rankings in terms of gender equality, orientation equality, and other human rights fronts. Egill attributes this to the global financial crisis of 2008, in which Iceland was a pivotal player in the financial downturn. In the aftermath, the country took steps to reform the business sector, starting with the hiring processes from the bottom up. Diversity and anti-discrimination policies were introduced, aimed to reform and prevent a repeat of what was perceived as a non-ideal social environment. These policies have evolved and have positioned Iceland as one of the most progressive countries in this space. Iceland's global influence can be seen in politics all over. A deep cultural history that aids in molding and directing modern policy could serve as a guide or inspiration for countries in the Caribbean. Iceland is proof that size is irrelevant to your international footprint in the arts, governance, and more - a lesson that warrants reiteration for the Caribbean and its leadership. How Iceland Changed the World - Egill BjarnasonEgill Bjarnason on X (formerly Twitter)Rasheed Griffith on X (formerly Twitter)

Send us a textWhy is Venezuela on the verbal offensive and threatening to carve off more than two-thirds of Guyana's land area? The answer is wrapped in a tale almost 200 years in the making. Dr. Ivelaw Griffith takes us on an insightful journey from the nascent years of the Bolivarian Republic and its then-colonial neighbor, right up to today's war of words and saber rattling.Venezuela's initial claims to the Essequibo, the disputed territory, began as far back as 1841. During this period of nation-building, we see a fresh new republic eager to settle the lines between itself and British Guiana to the East. The British shared this sentiment and demarcated their claim with the help of Robert Schomburgk, a geographer who would give his name to the survey line which is still at the center of today's dispute. The Venezuela of yesteryear was much more ideologically aligned with the United States. Its objection to the British claim was bolstered by the assumption that as a staunch ally, Washington would eagerly lend support and aid them in curtailing London's expansionism, a la the Monroe Doctrine. This was not the case and the USA was initially much more indifferent to the cause than expected. Eventually, Uncle Sam would use bigger-army diplomacy to bring both Britain and Venezuela to the table to settle the row.What followed was a pivotal round of negotiations with elements of scandal. Neither party would leave happy and the accounts of under-the-table dealings paint a controversial image that serves as the backdrop for today's events. One negotiator went as far as to declare posthumously that Venezuela "got a raw deal", undermining the moral legitimacy of the resulting 1899 Harris Award. Join us on this episode as we unravel the nuances of that deal, give context to the Venezuelan propaganda machine, and explore the implications of a potential cascade effect for South America and the Caribbean Community. Reading:Oil And Bullyism: Venezuela Opens the Intimidation Playbook Again (part 1)Dr. Ivelaw GriffithVenezuela’s Latest Move In Its Waiting Game With Guyana (part 2)Dr. Ivelaw Griffith Oil and Bullyism: Venezuela Opens The Intimidation Playbook Again (part 3) Dr. Ivelaw Griffith Dr. Ivelaw Griffith on LinkedInRasheed Griffith on X (formerly Twitter)

Send us a textPicture this: a tropical island, white sand beaches, bustling outdoor markets, and a burgeoning tech hub. It's not the Bahamas or Barbados. Instead, this episode takes us 11,000 kilometers away from the Caribbean, to Zanzibar, an autonomous archipelago of Tanzania and home of our guest Daniel Yu. The CEO of Wasoko, Africa's fastest-growing company in 2022, sits with Rasheed to discuss the ongoing political and social conditions that are positioning Zanzibar as a prime destination, not just for tourism but business as well.Talent is everything. The right people can make or break companies and even entire countries. Daniel gives a rundown of some of the positive developments that are making Tanzania the second most exciting African economy to watch (his first choice is Kenya). The current President of Zanzibar, Hussein Mwinyi has prioritized policies to encourage growth, from the structure of his government to the acquisition of the necessary expertise, be it local or the diaspora. Within Wasoko, Daniel has applied hiring practices that are more appropriate for the region, such as focusing less on raw credentials and paying attention to interpersonal skills and outward professionalism. He is also in favor of upward mobility, noting the progression of some employees from interns to managers, unseen almost anywhere else.At the industry level, Daniel discusses the influx of capital to e-commerce companies in East Africa and the tech sector in general. Wasoko, Daniel's company is a B2B e-commerce facilitator which seeks to connect the more informal small business landscape. The prevalence of his primary clients is noted to be a symptom of a lack of more structured economic opportunities and very closely mirrors the conditions in the Caribbean. In many ways, Zanzibar is a close analog to the islands of the Caribbean. It faces similar challenges which require diverse solutions. Tune into this fascinating episode where we talk about everything from the political landscape to workplace culture and gain valuable insights from a very unexpected locale.Daniel's Company WasokoDaniel on LinkedInRasheed on X (formerly Twitter)

Send us a textThe British Empire was more than just colonialism and slavery. Framing it as such does a deep disservice to history, impedes progress in the present, and is an attempt to rewrite history in a manner that could endanger a stable future. Professor Nigel Biggar joins Rasheed for a thought-provoking discussion to give some ethical clarity to a tumultuous and complex period in the West's past. Slavery was not unique to the British Empire. They weren't the first, but they certainly made a concerted effort to be the last. The Empire would play host to truly regrettable events and conditions, but this should not invalidate one of its largest contributions to modern Western society, namely the abolition of slavery and the establishment of rudimentary human rights.Some proponents of the idea of a British Debt to the Caribbean have built entire arguments solely on the demonization of the Empire. These disingenuous arguments focus solely on the extracted commodities and willfully ignore the intangible benefits that are a tenet of our existence to this day. Strong social institutions, trusted legal systems, and a common moral identity are all directly the result of British influence across the continent. We must also never forget which side of history the Empire stood on during World War II and the price it paid to maintain all the aforementioned standards we now take for granted. In the context of the Caribbean, the remnants of the empire are visibly much more well-off than their proudly independent neighbors. Integration, rather than Balkanisation, was the key to their development, and for their endurance, they were rewarded with the Empire's evolution into a more cohesive and diverse international state. Professor Biggar explores the truths of the Empire and more in his book "Colonialism: A Moral Reckoning." Rasheed on X (formerly Twitter)Prof. Biggar's website

Send us a textWhat does it actually mean to "restructure" debt?  Federico Sequeda, a portfolio manager at Morgan Stanley, discusses the intricacies of default with our CEO Rasheed Griffith. No two restructurings are the same and we get to the bottom of the how and why behind the hard conversations Caribbean governments find themselves in to attempt fiscal correction.The region is no stranger to default.  A dearth of foreign investment and a glaring lack of projects to invest in may be to blame. Coupled with a faltering reputation due to lapses in accountability and a failure to produce attractive products and services on the international stage, the region finds itself struggling to compete.Federico argues that the Caribbean should take steps to attract more private foreign investment (FI) such as making more information on the health of the business landscape readily available. He gives some insight into the informal world of "roadshows" and how countries present themselves to be more lucrative to foreign investors. The governments of the Caribbean find themselves locked out of international lending markets after restructuring because they have abandoned their responsibilities: internally to fiscally course correct, and externally to diversify their sources of funding.Harmful rhetoric from leaders can also potentially scare off valuable FI.Join us for an exciting dive into this important reality for the region on this episode of Caribbean Progress.Recommended ReadingSovereign Defaults:  The Price of Haircuts by Cruces and TrebeschFollow the Caribbean Progress Studies Institute on Substack

Send us a textArgentina is gearing up to make one of the most pivotal decisions in its economic recovery: dollarization. The country heads to the polls this weekend, and a win for presidential hopeful Javier Milei means a vote for the shift to an officially dollarized financial system. Emilio Ocampo is the man tasked by the potential new president to coordinate and execute the transition to the dollar. In this episode, he discusses the implications of this controversial move and the conditions that have brought one of Latin America's most culturally and economically significant players to this historical crossroads.Is sovereignty lost when you dollarise? Ocampo argues that the answer is an unequivocal “no.” If sovereignty is associated with having your own currency, then Argentina's is markedly weak. The peso has lost 90% of its value in just the short span of four years. Trust in the banking system is at an all-time low and continues to sink lower daily. Argentinians have already voted for the dollar across the informal economy.El Salvador and Ecuador have maintained dollarisation through political regimes that were less than welcoming to the concept. This is a testament to the transition as a viable and beneficial monetary policy backed by economic precedent and by the voters themselves.The only path to correction is drastic monetary and fiscal reform, neither feasible at this stage, as the most effective means of doing so have been exhausted. Dollarisation will not be a silver bullet, but it is a viable start for a platform of responsible governance. Join Rasheed and Emilio Ocampo in this insightful discussion on the future of Latin America's second-largest economy.Emilio's substack on dollarization in Argentina: Dolarización en ArgentinaContinue the conversation on X (Twitter)Rasheed Griffith: @rasheedguoEmilio Ocampo: @ocampo_emilio

Send us a textIs US Dollar dominance going away? No. Let's get that out of the way immediately. Rasheed Griffith and Daniel McDowell sit down for a much more serious and interesting conversation, grounded in the reality of economic and political history. The US dollar has been the reserve currency of the world since Bretton Woods in the 1940s. How did that come to be and what effects do sanctions have on the global standing of the greenback? "Demise of the dollar" predictions are nothing new, often surfacing during periods of economic turmoil and on the heels of what some perceive as "dollar weaponization" via US sanctions. The status of the dollar as the world's transactional currency was not some happenstance occurrence. De-regulation in the 1970s and access to one of the world's largest markets made the US dollar a de facto choice post-gold-decoupling. With its currency now connecting every major corner of the financial world, the Fed would need some way to keep tabs on the new Eurodollar ecosystem. They could directly intervene via swap lines but the optics in Congress could cause increased scrutiny, especially with regard to less reliable benefactors. That's why we have the IMF, a semi-autonomous organization originally created to maintain foreign exchange rates, now repurposed to extinguish monetary fires in the developing parts of the globe. It's not the only tool the United States has on hand for maintaining stability. Sanctions, despite their unsavory connotation, may just be one of the greatest financial innovations ever devised. With sanctions, Washington can exert control over pariah states and other actors, without the use of military force. These too have evolved over the years and have become much more intricate in their execution.Join our CEO and Dr McDowell as they unpack the finer details of this complex financial system, the various players, and the wider implications of their actions in this episode of Caribbean Progress.ResourcesBucking the Buck: US Financial Sanctions and the International Backlash against the Dollar by Daniel McDowellBrother, Can You Spare a Billion?: The United States, the IMF and the International Lender of Last Resort by Daniel McDowellContact infoDaniel McDowell on X (formerly Twitter)Rasheed Griffith on X

Send us a textThe Caribbean's brand potential on the world stage is not being fully realized. Deodat Maharaj, Director of Caribbean Export, argues that several regional obstacles must be addressed before the Caribbean product can be unified and finally achieve true recognition globally. Firstly, there's financing for small and micro-businesses. They comprise more than 60% of the Caribbean's business economy. There's also the process of transitioning a business from an informal one, to a registered entity. The business environment of the region is difficult, with most of the countries ranking low in terms of ease of doing business. Secondly, as a climate-vulnerable region, the Caribbean will need to embrace new technologies and industries based on green initiatives. These industries are poised to generate hundreds of thousands of jobs if executed properly. New methods of agriculture that are more technologically integrated could also harden the local food supply chains and assist in climate resilience goals for the Caribbean. Thirdly, there's logistics. High travel and transport costs don't just dampen travel demand but make regional products more expensive than their externally imported counterparts. New air and sea options will be needed to better connect the import and export chains across the region.Join Rasheed and Mr. Maharaj for this interesting discussion on the future of "Brand Caribbean" and the toward path more lucrative market opportunities.Contact Info:Deodat Maharaj via Twitter Website: Caribbean Export Development AgencyRasheed Griffith via Twitter

Send us a textBritish imperialism might be why Singapore has such high living standards today. The British were able to transplant their social norms and institutions more easily onto colonies like Singapore and Hong Kong. This, at least, is part of what Bryan Cheang argues in this episode of Caribbean Progress with Rasheed Griffith. But what made Singapore more receptive than others to British values, even within the British Empire itself?Modern Singapore's status as a democracy is contested in every political theory classroom. But how much of that is warranted? Its technocratic government’s push for economic growth and prosperity for everyone has made some trade-offs for its citizens, namely social freedoms and any notable culture of entrepreneurship or even perhaps a strong cultural identity. However, culture, as an institution, is not a one-size-fits-all. Jamaica, for example, suffers no lack of a globally recognized and marketed culture, yet its development pales in comparison to Singapore. Singapore's governance does not foster the same levels of innovation as larger countries with similar living standards, but has the bar been set unreasonably high?Lee Kuan Yew, the founding Prime Minister of Singapore, is said to have visited Jamaica to gain insight into developing his own country. But there is no firm evidence of this. The only significant ties between Singapore and the Caribbean are their shared colonial histories, yet these countries have diverged drastically. While Singapore is a crowning jewel in Southeast Asia, Jamaica, and the Caribbean languish in harmful stagnation and risk irrelevance. Are there any policy prescriptions that Caribbean countries can learn from Singapore? The answer may not be so clear. Join Bryan and Rasheed to find out.Resources:Institutions and Economic Development Markets, Ideas, and Bottom Up Change by Bryan Cheang and Tom G. PalmerLiberalism Unveiled: Forging a New Third Way in Singapore by Bryan Cheang and  Donovan ChoyAnglo-Chinese Capitalism in Hong Kong and Singapore: Origins, Reproduction & Divergence by Bryan CheangContacts:Bryan Cheang on LinkedInRasheed Griffith on XThis podcast is produced by the Caribbean Progress Studies Institute (CPSI). Contact us at progress@cpsi.org