The Global Dollar Endgame Won't Play Out How You Think | Dr. Perry Mehrling

Dr. Perry Mehrling, Professor of International Political Economy at the Pardee School of Global Studies, Boston University, joins Forward Guidance to discuss the health of the global dollar system. Sharing ideas from his latest book, “Money and Empire: Charles P. Kindleberger and the Dollar System,” Dr. Mehrling shares insights on the extension of the dollar to the global south and globalization of shadow banking. Mehrling and Farley explore whether rumors of the dollar’s death are greatly exaggerated, and how the end of a zero-interest-rate-fueled credit cycle could be a “little rocky.”

“Money and Empire”: https://www.cambridge.org/us/academic...

“Money and Empire” on Amazon: https://www.amazon.com/Money-Empire-K...

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“The New Lombard Street”:
https://www.amazon.com/New-Lombard-St...

Perry Mehrling, Zoltan Pozsar, Daniel Neilson, and James Sweeney, “Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance” https://papers.ssrn.com/sol3/papers.c...
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Timestamps:
00:00 Intro
01:02 What Is The Global Dollar System?
02:32 The Dollar Is International, Not Domestic
06:43 The Inherent Instability Of Thought
08:49 "The Fed Learned Its Lesson From 2008"
11:45 Key Features Of A Global Reserve Currency
20:36 The Fall Of The Sterling Standard After World War 1
24:02 Sterling Was The Standard, Not Gold
26:25 "The Crime Of 1971" Was Nixon's DePegging The Dollar From Gold, According to Kindleberger
27:44 Why Was There Inflation In The 1970s (Instead of Deflation)?
30:50 Next Few Years Will Be "A Little Rocky"
36:03 The Globalization Of Shadow Banking
39:06 Blockworks Research
40:05 Money Market Funds (MMFs), Comparison Between Now And Great Financial Crisis
43:44 "The Dollar System Seems To Be Holding Together"
46:45 The Four Prices Of Money
56:02 Permissionless
57:04 Kindleberger's Critique Of The Triffin Dilemma
01:06:48 The Myth Of Bretton Woods
01:12:32 What's Missing In Contemporary Understanding Of Kindleberger's School Of Thought