American economist
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6 episodes with Barry Eichengreen
9 episodes with Barry Eichengreen
4 episodes with Barry Eichengreen
3 episodes with Barry Eichengreen
3 episodes with Barry Eichengreen
2 episodes with Barry Eichengreen
3 episodes with Barry Eichengreen
2 episodes with Barry Eichengreen
2 episodes with Barry Eichengreen
When global volatility increases, so does the demand for the dollar. When countries face sanctions, they rush for gold. But while the two have been the most common reserve currencies for decades, surprising alternatives are emerging. UC Berkeley professor and author Barry Eichengreen, along with IMF economists Chima Simpson-Bell and Serkan Arslanalp, track the dynamics of reserve currencies in their recent NBER paper. In this podcast, Eichengreen and Simpson-Bell discuss the changing landscape of reserve currencies. Transcript: https://bit.ly/43ovB4o
In this episode of The Sound of Economics, host Rebecca Christie sits down with renowned economists Barry Eichengreen and Lucrezia Reichlin to discuss the past, present and future of money. Will the dollar remain the world's global currency? How should we think about the euro and the renminbi? What about stablecoins? Eichengreen discusses current risks in the context of his new book Money beyond borders : global currencies from Croesus to crypto. Reichlin discusses Bruegel's new paper, prepared for the 22-23 May 2026 informal meeting of European Union economic and finance ministers, which proposes allowing stablecoin issuers to pay interest and to have access to central bank reserves. As ministers gather in Cyprus, which currently holds the European Council presidency and was the birthplace of coined money in the 6th century BCE, we talk about how money came to be, where its risks lie and how to make the best use of it going forward.Related research: Reichlin, L., B. Sangers and J. Zettelmeyer (2025) ‘A new strategy to contain stablecoin risks in the European Union', Policy Brief 09/2026, Bruegel Reichlin, L. (2025) 'The European Union should embrace decentralised finance and make it safe', Analysis 40/2025, Bruegel Eichengreen, B. J. (2026) 'Money beyond borders : global currencies from Croesus to crypto.' Princeton, New Jersey : Princeton University Press
Stig Brodersen welcomes back renowned macroeconomist and bestselling author Lyn Alden. They explore fiscal dominance, gold, energy markets, and the shifting role of the U.S. dollar in a more fragmented global economy. Lyn also explains why higher interest rates may no longer slow inflation the way they once did, and what this changing macro regime means for investors. IN THIS EPISODE YOU'LL LEARN: 00:00:00 - Intro00:02:24 - Why you can't ignore macro in the era of fiscal dominance00:13:00 - How to think about treasuries and gold with respect to their dilution rates00:18:08 - Who benefits and who loses from a strong dollar domestically and internationally00:24:31 - Who are the winners and losers from higher oil prices across countries and sectors00:32:02 - Whether you are benefiting from fiscal deficits as an investor and consumer00:34:25 - Why price controls won't solve the problem00:52:24 - Why the biggest companies essentially short the US dollar Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Track The Intrinsic Value Portfolio. Lyn Alden's book, Broken Money. Lyn Alden's free website. Our interview with Lyn Alden about Dollar Dominance Decline. Our interview with Lyn Alden about Investing during Fiscal Dominance. Our interview with Lyn Alden about Gold. Our interview with Lyn Alden about Currencies and Debt. Our interview with Lyn Alden about her book, Broken Money. Barry Eichengreen's book, Money without Borders. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor's Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: HardBlock Human Rights Foundation Plus500 Netsuite Shopify Vanta References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
With the delinking of the dollar from gold in 1971 -- the so called 'Nixon shock' -- there were widespread doubts about how long the dollar could retain its international dominance. More than half a century later, the dollar remains the world's dominant currency. But for how long will it continue to reign supreme? Barry Eichengreen draws on his new book, 'Money Beyond Borders: From Croesus to Crypto,' to discuss what history reveals about the preconditions for global currency status, why dominant currencies can lose that status, and whether the forces that have sustained the dollar's role -- inertia, network effects, and the absence of a clear alternative -- are weakening in an era of digital payment systems, blockchain, and central bank digital currencies. Barry is Distinguished Professor of Economics and Professor of Political Science at the University of California, Berkeley. His previous book, 'Exorbitant Privilege: The Rise and Fall of the Dollar,' was shortlisted for the Financial Times Book of the Year Award.
Why has the dollar remained dominant despite rising debt, geopolitical strain, and growing challengers? Barry Eichengreen joins Bankless to trace the history of global reserve currencies. From Spanish silver and the Byzantine solidus to sterling and the modern dollar, Barry explains the conditions that make a currency rise, endure, and eventually fall. We explore fiscal discipline, rule of law, military power, gold, China, and crypto to understand what history suggests about the dollar's future. ------
Doubts about the international dominance of the dollar are only growing amid worries about tariffs, political dysfunction, and fraying international alliances. Will the dollar continue to reign supreme? In Money Beyond Borders, the leading authority on international currencies, Barry Eichengreen, puts the dollar's prospects in deep historical perspective by chronicling the entire history of cross-border currencies, from the invention of coins in the seventh century BCE to the cryptocurrencies of today and the central bank digital currencies of tomorrow. Money Beyond Borders: Global Currencies from Croesus to Crypto (Princeton University Press, 2026) recounts how Greek and Roman coins became the first true international currencies. It tells how the Florentine gold florin became the "greenback of the Renaissance," and how it was succeeded by Spanish silver and a Dutch fiat currency. The book explains why the British pound dominated the international economy in the nineteenth century, why the dollar rose to the top during World War II, and why the dollar has survived predictions of the imminent loss of its preeminence since the 1970s. The long history of international currencies shows that the same factors that encourage their widespread use eventually lead to their abandonment. Money Beyond Borders makes a powerful case that the dollar is now on the downside of this cycle, and it considers who the winners and losers will be when there is flight away from the greenback. Revealing important patterns in the life cycles of international currencies over the past 2,500 years, the book offers valuable lessons and insights about how currencies rise--and why they fall. Barry Eichengreen is the George C. and Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. Caleb Zakarin is the CEO and Publisher of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network
Doubts about the international dominance of the dollar are only growing amid worries about tariffs, political dysfunction, and fraying international alliances. Will the dollar continue to reign supreme? In Money Beyond Borders, the leading authority on international currencies, Barry Eichengreen, puts the dollar's prospects in deep historical perspective by chronicling the entire history of cross-border currencies, from the invention of coins in the seventh century BCE to the cryptocurrencies of today and the central bank digital currencies of tomorrow. Money Beyond Borders: Global Currencies from Croesus to Crypto (Princeton University Press, 2026) recounts how Greek and Roman coins became the first true international currencies. It tells how the Florentine gold florin became the "greenback of the Renaissance," and how it was succeeded by Spanish silver and a Dutch fiat currency. The book explains why the British pound dominated the international economy in the nineteenth century, why the dollar rose to the top during World War II, and why the dollar has survived predictions of the imminent loss of its preeminence since the 1970s. The long history of international currencies shows that the same factors that encourage their widespread use eventually lead to their abandonment. Money Beyond Borders makes a powerful case that the dollar is now on the downside of this cycle, and it considers who the winners and losers will be when there is flight away from the greenback. Revealing important patterns in the life cycles of international currencies over the past 2,500 years, the book offers valuable lessons and insights about how currencies rise--and why they fall. Barry Eichengreen is the George C. and Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. Caleb Zakarin is the CEO and Publisher of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/history
Doubts about the international dominance of the dollar are only growing amid worries about tariffs, political dysfunction, and fraying international alliances. Will the dollar continue to reign supreme? In Money Beyond Borders, the leading authority on international currencies, Barry Eichengreen, puts the dollar's prospects in deep historical perspective by chronicling the entire history of cross-border currencies, from the invention of coins in the seventh century BCE to the cryptocurrencies of today and the central bank digital currencies of tomorrow. Money Beyond Borders: Global Currencies from Croesus to Crypto (Princeton University Press, 2026) recounts how Greek and Roman coins became the first true international currencies. It tells how the Florentine gold florin became the "greenback of the Renaissance," and how it was succeeded by Spanish silver and a Dutch fiat currency. The book explains why the British pound dominated the international economy in the nineteenth century, why the dollar rose to the top during World War II, and why the dollar has survived predictions of the imminent loss of its preeminence since the 1970s. The long history of international currencies shows that the same factors that encourage their widespread use eventually lead to their abandonment. Money Beyond Borders makes a powerful case that the dollar is now on the downside of this cycle, and it considers who the winners and losers will be when there is flight away from the greenback. Revealing important patterns in the life cycles of international currencies over the past 2,500 years, the book offers valuable lessons and insights about how currencies rise--and why they fall. Barry Eichengreen is the George C. and Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. Caleb Zakarin is the CEO and Publisher of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices
Doubts about the international dominance of the dollar are only growing amid worries about tariffs, political dysfunction, and fraying international alliances. Will the dollar continue to reign supreme? In Money Beyond Borders, the leading authority on international currencies, Barry Eichengreen, puts the dollar's prospects in deep historical perspective by chronicling the entire history of cross-border currencies, from the invention of coins in the seventh century BCE to the cryptocurrencies of today and the central bank digital currencies of tomorrow. Money Beyond Borders: Global Currencies from Croesus to Crypto (Princeton University Press, 2026) recounts how Greek and Roman coins became the first true international currencies. It tells how the Florentine gold florin became the "greenback of the Renaissance," and how it was succeeded by Spanish silver and a Dutch fiat currency. The book explains why the British pound dominated the international economy in the nineteenth century, why the dollar rose to the top during World War II, and why the dollar has survived predictions of the imminent loss of its preeminence since the 1970s. The long history of international currencies shows that the same factors that encourage their widespread use eventually lead to their abandonment. Money Beyond Borders makes a powerful case that the dollar is now on the downside of this cycle, and it considers who the winners and losers will be when there is flight away from the greenback. Revealing important patterns in the life cycles of international currencies over the past 2,500 years, the book offers valuable lessons and insights about how currencies rise--and why they fall. Barry Eichengreen is the George C. and Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. Caleb Zakarin is the CEO and Publisher of the New Books Network.
Doubts about the international dominance of the dollar are only growing amid worries about tariffs, political dysfunction, and fraying international alliances. Will the dollar continue to reign supreme? In Money Beyond Borders, the leading authority on international currencies, Barry Eichengreen, puts the dollar's prospects in deep historical perspective by chronicling the entire history of cross-border currencies, from the invention of coins in the seventh century BCE to the cryptocurrencies of today and the central bank digital currencies of tomorrow. Money Beyond Borders: Global Currencies from Croesus to Crypto (Princeton University Press, 2026) recounts how Greek and Roman coins became the first true international currencies. It tells how the Florentine gold florin became the "greenback of the Renaissance," and how it was succeeded by Spanish silver and a Dutch fiat currency. The book explains why the British pound dominated the international economy in the nineteenth century, why the dollar rose to the top during World War II, and why the dollar has survived predictions of the imminent loss of its preeminence since the 1970s. The long history of international currencies shows that the same factors that encourage their widespread use eventually lead to their abandonment. Money Beyond Borders makes a powerful case that the dollar is now on the downside of this cycle, and it considers who the winners and losers will be when there is flight away from the greenback. Revealing important patterns in the life cycles of international currencies over the past 2,500 years, the book offers valuable lessons and insights about how currencies rise--and why they fall. Barry Eichengreen is the George C. and Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. Caleb Zakarin is the CEO and Publisher of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics
Doubts about the international dominance of the dollar are only growing amid worries about tariffs, political dysfunction, and fraying international alliances. Will the dollar continue to reign supreme? In Money Beyond Borders, the leading authority on international currencies, Barry Eichengreen, puts the dollar's prospects in deep historical perspective by chronicling the entire history of cross-border currencies, from the invention of coins in the seventh century BCE to the cryptocurrencies of today and the central bank digital currencies of tomorrow. Money Beyond Borders: Global Currencies from Croesus to Crypto (Princeton University Press, 2026) recounts how Greek and Roman coins became the first true international currencies. It tells how the Florentine gold florin became the "greenback of the Renaissance," and how it was succeeded by Spanish silver and a Dutch fiat currency. The book explains why the British pound dominated the international economy in the nineteenth century, why the dollar rose to the top during World War II, and why the dollar has survived predictions of the imminent loss of its preeminence since the 1970s. The long history of international currencies shows that the same factors that encourage their widespread use eventually lead to their abandonment. Money Beyond Borders makes a powerful case that the dollar is now on the downside of this cycle, and it considers who the winners and losers will be when there is flight away from the greenback. Revealing important patterns in the life cycles of international currencies over the past 2,500 years, the book offers valuable lessons and insights about how currencies rise--and why they fall. Barry Eichengreen is the George C. and Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. Caleb Zakarin is the CEO and Publisher of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices
Doubts about the international dominance of the dollar are only growing amid worries about tariffs, political dysfunction, and fraying international alliances. Will the dollar continue to reign supreme? In Money Beyond Borders, the leading authority on international currencies, Barry Eichengreen, puts the dollar's prospects in deep historical perspective by chronicling the entire history of cross-border currencies, from the invention of coins in the seventh century BCE to the cryptocurrencies of today and the central bank digital currencies of tomorrow. Money Beyond Borders: Global Currencies from Croesus to Crypto (Princeton University Press, 2026) recounts how Greek and Roman coins became the first true international currencies. It tells how the Florentine gold florin became the "greenback of the Renaissance," and how it was succeeded by Spanish silver and a Dutch fiat currency. The book explains why the British pound dominated the international economy in the nineteenth century, why the dollar rose to the top during World War II, and why the dollar has survived predictions of the imminent loss of its preeminence since the 1970s. The long history of international currencies shows that the same factors that encourage their widespread use eventually lead to their abandonment. Money Beyond Borders makes a powerful case that the dollar is now on the downside of this cycle, and it considers who the winners and losers will be when there is flight away from the greenback. Revealing important patterns in the life cycles of international currencies over the past 2,500 years, the book offers valuable lessons and insights about how currencies rise--and why they fall. Barry Eichengreen is the George C. and Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. Caleb Zakarin is the CEO and Publisher of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/book-of-the-day
Welcome to a very special episode of the podcast, as we hear from eminent economic historian and prolific author Barry Eichengreen. Barry is the man who inspired our very own Russell Napier to realise that he could learn much more from the history of finance than he could from books on economic theory. That 'eureka' moment was inspired by Barry's first book, Golden Fetters – The Gold Standard and the Great Depression, but in this episode the pair discuss Barry's latest work, Money Beyond Borders – Global Currencies from Croesus to Crypto. As Russell dials in from a trip to the north of Scotland to speak to the California-based professor, listen in for fascinating insights into international currencies, and mounting challenges to the dominance of the US dollar.Produced by Fraser Allen.www.libraryofmistakes.com
Will the dollar fall? Will gold rise? Will crypto replace everything? Most investors spend their time trying to predict the future of money. That instinct feels rational—but it points your attention in the wrong direction. In this episode, Andy Tanner sits down with economist Barry Eichengreen to challenge a deeper assumption: that currency is the primary driver of wealth. It isn't. Currency is the medium. The real question is what produces value inside that system. Through the lens of monetary history—from early coinage to modern central banking—they unpack what actually gives a currency strength: institutions, trust, trade relationships, and political stability. But more importantly, they separate two ideas most investors blend together—income and denomination. Because even if you earn consistently, the currency you earn in still matters. The conversation reframes a common investing mistake: optimizing for what money will do instead of what your assets produce. It also highlights a more durable approach—building ownership in income-generating assets while staying aware of the currency risks surrounding them. This is not about predicting whether the dollar, gold, or crypto wins. It's about understanding why that may be the wrong question to begin with. Want to Learn More? – Explore free education and tools at cashflowbonus.com to strengthen your investing foundation – Keep building your financial education at yourinvestingclass.com.
UC Berkeley Economics & Political Science Professor Barry Eichengreen discusses his latest book, "Money Beyond Borders." He joins Bloomberg's Tom Keene and Paul Sweeney on Bloomberg Intelligence.See omnystudio.com/listener for privacy information.
In Episode 468 of Hidden Forces, Demetri Kofinas speaks with renowned economic historian and author Barry Eichengreen about the history of international currencies and the prospects for the US dollar's continued preeminence, drawing on his new book Money Beyond Borders: Global Currencies from Croesus to Crypto. The first hour traces the long arc of international currency history, from the invention of coinage in ancient Lydia through the monetary innovations of Athens, Rome, and the Byzantine Empire, to Renaissance Florence, where a city-state with no navy and no silver mines managed to make its currency the dominant medium of exchange in Europe. The hour closes with a discussion about the Dutch Republic's revolutionary contributions to modern money and finance, and the Spanish silver dollar—the first truly global currency, which circulated from the New World to China and remained legal tender in the United States until the eve of the Civil War. The second hour examines Britain's emergence as the world's first modern financial superpower, whose decline opened the door to the internationalization of the US dollar, and the role that figures like Paul Warburg, the Federal Reserve, two World Wars, and the Bretton Woods Agreement each played in establishing dollar dominance—further cemented by the breakdown of Bretton Woods and the era of floating fiat currencies. They then turn to the present, examining what Eichengreen sees as the two most serious threats to the dollar's continued preeminence: the erosion of the rule of law and separation of powers inside the United States, and the fraying of the alliance relationships that underpin global confidence in dollar-denominated assets. They close with a discussion about whether stablecoins could extend the dollar's network effects, why the Euro and the Chinese renminbi fall short as credible alternatives, and what a world without a reliable global reserve currency could mean for international trade, finance, and geopolitical stability. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today's episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Join our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 03/09/2026
Interview recorded - 19th of February, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming on Barry Eichengreen. Barry is a renowned economist and Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987. He is also the author of many books, including the upcoming book “Money Beyond Borders: Global Currencies from Croesus to Crypto”During our conversation we spoke about his thoughts on the economy, the K-shaped economy, geopolitical shift, move away from the US dollar, what it means for the future and more. I hope you enjoy!0:00 - Introduction1:08 - Overview of the economy2:18 - K-shaped economy3:41 - Geopolitical shift6:13 - Europe becoming a world power?9:23 - US currency12:53 - China be trusted?14:58 - Precious metals movements17:09 - Next reserve currencies?19:58 - US Dollar devaluing21:47 - Bifurcating currency world23:56 - Influence for writing the book?25:58 - Any surprises?28:00 - One message to takeaway?Barry Eichengreen is George C. Pardee & Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London, England). In 1997-98 he was Senior Policy Advisor at the International Monetary Fund. He is a fellow of the American Academy of Arts and Sciences (class of 1997). Professor Eichengreen is the convener of the Bellagio Group of academics and economic officials and chair of the Academic Advisory Committee of the Peterson Institute of International Economics. He has held Guggenheim and Fulbright Fellowships and has been a fellow of the Center for Advanced Study in the Behavioral Sciences (Palo Alto) and the Institute for Advanced Study (Berlin). He is a regular monthly columnist for Project Syndicate. His books include The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era (2018), How Global Currencies Work: Past, Present, and Future, with Livia Chitu and Arnaud Mehl, (2017), The Korean Economy: From a Miraculous Past to a Sustainable Future (Harvard East Asian Monographs) with Wonhyuk Lim, Yung Chul Park and Dwight H. Perkins, (2015), Renminbi Internationalization: Achievements, Prospects, and Challenges, co-edited with Masahiro Kawai, (2015), Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History, (2015). He was awarded the Economic History Association's Jonathan R.T. Hughes Prize for Excellence in Teaching in 2002 and the University of California at Berkeley Social Science Division's Distinguished Teaching Award in 2004. He is also the recipient of a doctor honoris causa from the American University in Paris.Barry Eichengreen - Website - https://eml.berkeley.edu/~eichengr/X - https://x.com/B_EichengreenBook - https://press.princeton.edu/books/hardcover/9780691280530/money-beyond-borders?_glWTFinance - Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas
October – will history repeat? New tariffs announced - again. Thinking about 401k plans - innovation or exploitation? And our guest today – Dr. Barry Eichengreen, Professor of Economic Studies at UC Berkley NEW! DOWNLOAD THIS EPISODE'S AI GENERATED SHOW NOTES (Guest Segment) Barry Eichengreen (George C. Pardee and Helen N. Pardee, Professor of Economics) is a distinguished professor of Economics and Political Science at the University of California, Berkeley, where he is the George C. Pardee & Helen N. Pardee Chair. A leading expert on the international monetary system and global finance, his research covers the history of global financial crises, the international monetary system, economic history, and the causes and consequences of populism. Dr. Eichengreen holds fellowships from several institutions, including the National Bureau of Economic Research and the American Academy of Arts and Sciences, and has previously served as a Senior Policy Advisor at the International Monetary Fund (IMF). Learn More at http://www.ibkr.com/funds Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy - https://thedisciplinedinvestor.com/blog/tdi-strategy/ eNVESTOLOGY Info - https://envestology.com/ Stocks mentioned in this episode: (BTCUSD), (ORCL), (OKLO), (QQQ)
In this episode, Former Acting Comptroller of the Currency Brian Brooks and UC Berkeley's Barry Eichengreen discuss the outlook for stablecoins — digital currencies pegged to the value of traditional fiat currencies like the US dollar. Moderated by Goldman Sachs Research's Allison Nathan, the discussion covers the potential implications of a growing stablecoin market existing payment and banking systems, financial markets, and broader financial stability. This episode explores the latest Top of Mind report. This episode was recorded on July 14, 18, and August 7. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. For additional disclaimers and regulatory disclosures, please visit https://www.goldmansachs.com/insights/podcasts. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices
The dominance of the US dollar as the global reserve currency has been gradually declining for years, but Donald Trump's policies could rapidly accelerate de-dollarization and the transition to a more multipolar international financial order, warn even mainstream American economists like Barry Eichengreen and Kenneth Rogoff. Political economist Ben Norton reviews the evidence. VIDEO: https://www.youtube.com/watch?v=utvD1JiIgCM Our related article - "Trump advisor reveals tariff strategy: Force countries to pay tribute to maintain US empire": https://geopoliticaleconomy.com/2025/04/10/trump-advisor-miran-tariff-pay-us-empire/ Topics 0:00 Dedollarization 0:43 Trump's policies accelerate dedollarization 3:50 Economist Barry Eichengreen 5:25 (CLIP) Barry Eichengreen on dedollarization 6:54 Gradually, and then suddenly 7:49 Erosion of dollar dominance 9:18 Decline of US economy 11:36 Rise of China 12:50 Gold: why central banks keep buying it 15:42 Western sanctions 17:57 List of reasons driving dedollarization 18:42 Trump's tariffs & US trade deficit 20:10 Trump pressures Federal Reserve 22:58 Why Trump wants low interest rates 24:56 US Treasury market volatility 26:03 Fewer foreigners want US government debt 29:32 US economy: a financial house of cards 30:34 High corporate bond yields 32:26 Reasons driving dedollarization 32:56 Inflation 36:31 Trump fires BLS chief 37:40 Mar-a-Lago Accord plans 38:54 (CLIP) Trump economic advisor Stephen Miran 38:59 Plaza Accord redux 40:30 Century bonds: de facto US debt default 44:46 Private investors de-dollarize too 45:25 Post-US dollar world 47:14 Economist Kenneth Rogoff 48:09 Trump's own Nixon shock 48:51 Multipolar financial world 50:46 Outro
NATO leaders are gathering in the Netherlands for their annual summit at the same time a fragile ceasefire in the Israel-Iran war appears to be holding. Can diplomacy succeed if the ceasefire survives? Among the leaders urging that path is Canada's Prime Minister Mark Carney. Christiane sat down with the Prime Minister in the Netherlands today. Also on today's show: EU Foreign Policy Chief Kaja Kallas; Barry Eichengreen, Professor of Economics and Politics, U.C. Berkeley Learn more about your ad choices. Visit podcastchoices.com/adchoices
Barry Eichengreen joins Alan Dunne for a clear-eyed look at a system losing its anchors. The dollar's standing, long insulated by trust and habit, now faces a different kind of test... one shaped less by challengers abroad than by fractures at home. They explore how rising debt, political entropy, and institutional strain are converging in ways that markets are only beginning to price. From the quiet retreat of safe haven flows to the uneasy future of central bank independence, this is a conversation about slow shifts with fast consequences, and what happens when credibility, not currency, becomes the liability.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on Twitter.Follow Barry on Twitter.Episode TimeStamps: 00:09 - Introduction to Barry Eichengreen03:51 - The Future of the Dollar: Concerns and Predictions14:29 - Fiscal Challenges and Policy Responses33:04 - Analyzing Economic Policies and Their Impacts49:18 - Global Economic Perspectives: Trade Wars and Currency Alternatives56:46 - The Future of Global Currency SystemsCopyright © 2024 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3...
Did you know that all of the growth in federal spending as a percentage of the national income is due to the growth of "uncontrollables"? In this interview, we discuss the following: ►What are "uncontrollables"? Why are they 'mandatory'? ►What are entitlements? How are they treated differently than discretionary budget spending? ►What was the Budget Resolution Process that was introduced in the 1970s? ►How did Pres. Cleveland, Roosevelt (FDR), Reagan and Clinton control government budget? ►Which president reduced our entitlement programs the most? ►What was FDR's biggest mistake, the consequences of which still impacts us? ►What are the 3 requirements for reducing the budget deficit? ►How would my guest advise a U.S. president in reducing our budget deficit?
Barry Eichengreen, professor of economics at the University of California, Berkeley, talks about why the gyrations in the value of the US dollar matter. Courtney Rawlings and Alex Jordan, hosts of Always at War, a new show from the Quincy Institute, explain why the US is always buying more weapons and bombing people. Behind the News, hosted by Doug Henwood, covers the worlds of economics and politics and their complex interactions, from the local to the global. Find the archive online: https://www.leftbusinessobserver.com/radio.html
Behind the News, 5/15/25 - guests: Barry Eichengreen on the dollar • Courtney Rawlings and Alex Jordan on why the US is always at war - Doug Henwood
Fundraising special: Barry Eichengreen on why the gyrations in the value of the US dollar matter • Courtney Rawlings and Alex Jordan, hosts of Always at War, on why the US is always buying more weapons and bombing people The post Fundraising special: wobbly dollar, perpetual wars appeared first on KPFA.
Trump's MAGA Economy Driven by Greed, Stupidity and Cowardice | Will Trump's Weakening of the Dollar Lead to a New Global Reserve Currency? | The Hollow Nature of Trump's Promise of Gain After the Pain backgroundbriefing.org/donate twitter.com/ianmastersmedia bsky.app/profile/ianmastersmedia.bsky.social facebook.com/ianmastersmedia
As conversation swirls around how the U.S. is going to pay back its $30 trillion debt, old concerns about public debt have been raised once again.Barry Eichengreen is a professor of economics at UC Berkeley and one of the leading experts on international currency markets and their history. His books include Globalizing Capital: A History of the International Monetary System, The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era, and most recently, In Defense of Public Debt. Barry and Greg delve into the pros and cons of public debt, the mechanisms ensuring sovereign debt repayment, and the potential risks of inflation, and put modern debt levels into perspective by looking back at other major financial events in history. They also discuss the impact of political polarization on long-term financial decisions.**This episode was recorded in 2021.** *unSILOed Podcast is produced by University FM.*Show Links:Recommended Resources:Napoleonic WarsCorporation of Foreign BondholdersForeign Bondholders Protective CouncilMario DraghiRicardian Equivalence Anne Osborn KruegerArgentine Debt CrisisGuest Profile:Faculty Profile at UC BerkeleyProfessional Profile on XHis Work:In Defense of Public DebtThe Populist Temptation: Economic Grievance and Political Reaction in the Modern EraGlobalizing Capital: A History of the International Monetary SystemHall of Mirrors: The Great Depression, the Great Recession, and the Uses-and Misuses-of History Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary SystemGolden Fetters: The Gold Standard and the Great Depression, 1919-1939Episode Quotes:The political capacity to issue public debt goes hand in hand with financial development31:25: If you go back and look at the history, you see the value to financial markets of sovereign debt—that as sovereigns' and states' debts begin to be recognized as safe and liquid with political checks and balances, they become safe. With the development of markets in them, they become more liquid. They're then used as collateral for other borrowing and lending, and you accelerate the development of private financial markets. So, I think the political capacity to issue public debt goes hand in hand with financial development, and financial development, historically, is an important component of economic development.Public debt as a lifeline in times of crisis02:58: Public debt has been critically important in history. To enable states to meet emergencies—so, if you look at the history, it has been issued typically in wartime to defend the realm. Admittedly, states and rulers have issued it to fight offensive as well as defensive wars, but also to meet threats, pandemics, natural disasters, and other national emergencies.Why public debt levels depend on politics and time34:50: I don't think economic science is advanced to the point where we can identify an optimal or uniquely sustainable level of public debt. I think politics impinges on this as well. So, if you ask a German politician and an American politician what an appropriate or optimal level of public debt is, they'll give you very different answers. Economic circumstances change over time as well. So, public U.S. public debt in the hands of the public has basically tripled since the turn of the century. Debt service—interest paid on that debt as a share of GDP—hasn't budged. Interest rates have come down, and they've been trending downward for the better part of 30 or 40 years. That has made it easier to sustain a heavier level of public debt.
From Colombia to Vietnam and beyond the US dollar is the currency in which much of international business is conducted and which many people outside the US use as a means of exchange and a store of value. So how did a country with just over 4 percent of the world's population come to dominate global banking and trade? When the position of the US dollar as the linchpin of global commerce was confirmed at the end of the Second World War, not everyone was happy with this state of affairs: the French soon spoke of the Americans having an ‘exorbitant privilege'. Did they have a point? And what of the more recent efforts to replace the Greenback with other currencies? Iszi Lawrence follows the history of the US dollar from its origins to today with H W Brands Jr., Professor of history at the University of Texas at Austin; Barry Eichengreen, Professor of economics and political science at the University of California, Berkeley; Carola Frydman, Professor of finance at the Kellogg School of Management, Northwestern University in Evanston; Perry Mehrling, Professor of international political economy at the Pardee School of Global Studies, Boston University and World Service listeners.[Photo: A roll of US dollar notes. Credit: Getty Images]
Barry Eichengreen, Professor of Economics and Political Science at the University of California, Berkeley, is a former senior policy adviser at the International Monetary Fund. He is the author of many books, including ‘In Defense of Public Debt' (Oxford University Press, 2021). In this podcast, we discuss the inflation regime, which central banks are most independent, whether Trump can influence the Fed, and much more. Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive
►My guest claims that Mr. Musk's compensation is $0! How is this possible? ►What are the different components of a CEO's pay package? ►Why have CEO salaries stayed constant for decades? ►Why did CEO stock options significantly increase in the 1990s? ►Why did CEO pay for performance dramatically increase after 2006? ►Who determines CEO pay? And how? The answer and the story behind it are more complex than you might think. ►Who is driving the push to regulate CEO pay? Politicians or shareholders? My guest is intimately familiar with Mr. Musk's pay package. Not only is he an expert on executive compensation, but he also testified in Mr. Musk's Delaware trial on behalf of Telsa.
In this episode, show host Gene Tunny explores the influential theories of economists Alvin Hansen, the “American Keynes", and Evsey Domar. The episode was inspired by a first edition copy of Hansen and Perloff's 1944 book “State and Local Finance in the National Economy” that Gene was gifted. It includes a handwritten inscription from Hansen to Domar, his student at Harvard. Key topics include the Keynesian IS-LM model, the secular stagnation hypothesis, and the Harrod-Domar growth model. The episode provides a rich historical context and examines the relevance of these theories to today's economic challenges.If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP245Book by Alvin Hansen and Harvey Perloff on State and Local Finance in the National Economy. (0:00)Alvin Hansen's contributions to economics, including popularizing Keynes's theory and teaching influential students such as Paul Samuelson and Evsey Domar. (5:06)IS-LM model. (11:13)Keynesian economics and secular stagnation hypothesis. (17:42)Fiscal policy and its impact on the economy. (25:28)Domar's life and growth model. (32:29)Harrod-Domar model and its implications for economic policy. (39:00)Economic growth models and their limitations. (45:22)TakeawaysSecular Stagnation Hypothesis: Hansen's theory suggesting that mature economies could face prolonged periods of low growth due to structural factors.IS-LM Model: Developed by Hansen and Hicks, this model became a foundational tool in macroeconomics for analyzing the effects of fiscal and monetary policy.Fiscal Perversity Hypothesis: Hansen and Perloff's analysis showing that state and local fiscal policies can sometimes exacerbate economic downturns.Harrod-Domar Growth Model: An important Keynesian model that emphasizes the relationship between investment and economic growth, though not fully explaining long-term growth.Legacy and Influence: Both Hansen and Domar significantly shaped the development of economic theory and policy, influencing key areas such as social security and public investment strategies.Links relevant to the conversationInscription from Hansen to Domar on Gene's copy of State and Local Finance in the National Economy:https://drive.google.com/file/d/167cJbNhxBJpsKRwSYGHxbjupX1Q3Iacx/view?usp=sharingWilliam Easterly's paper on the Harrod-Domar model:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=11020Fiscal perversity papers:Fabrizio Carmignani's article “Can public expenditure stabilize output? Multipliers andpolicy interdependence in Queensland and Australia”:https://www.sciencedirect.com/science/article/abs/pii/S0313592615300242?via%3DihubTamim Bayoumi and Barry Eichengreen's paper “Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization”:https://www.elibrary.imf.org/view/journals/024/1995/001/article-A002-en.xmlAn abridged version of Skidelsky's three-volume biography of Keynes:https://www.penguin.com.au/books/john-maynard-keynes-9780143036159Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.
Stefan Link, a 2023-24 CASBS fellow, chats with Barry Eichengreen, a 1996-97 CASBS fellow and world renowned for his expertise at the nexus of international economics and economic history. They discuss some of Eichengreen's most prominent works — including "The European Economy Since 1945," which emerged from his CASBS experience, and "Golden Fetters," his most cited book — interrogating their durability and applicability to contemporary industrial, financial, and monetary policy challenges and governance.BARRY EICHENGREEN: UC Berkeley faculty page | Homepage & CV | on Wikipedia | STEFAN LINK: CASBS bio | Dartmouth faculty page | Mentioned in the episode:Eichengreen's talk on "Steering Structural Change" (session 2) at the Peterson Institute for International Economics (16 April 2024)Eichengreen & Temin NBER paper on "The Gold Standard and the Great Depression" (June 1997)Select Eichengreen booksElusive Stability: Essays in the History of International Finance 1919-1939 (Cambridge Univ. Press, 1990)Golden Fetters: The Gold Standard and the Great Depression 1919-1939 (Oxford Univ. Press, 1992)International Monetary Arrangements for the 21st Century (Brookings Institution, 1994)Globalizing Capital: A History of the International Monetary System (Princeton Univ. Press, 1994)European Monetary Unification: Theory, Practice, and Analysis (MIT Press, 1997)Toward a New International Financial Architecture: A Practical Post-Asia Agenda (Peterson Institute for International Economics, 1999)Financial Crises and What to Do About Them (Oxford Univ. Press, 2002)Capital Flows and Crises (MIT Press, 2004)Global Imbalances and the Lessons of Bretton Woods (MIT Press, 2006)The European Economy Since 1945: Coordinated Capitalism and Beyond (Princeton Univ. Press, 2006)Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (Oxford Univ. Press, 2012)Hall of Mirrors: The Great Depression, the Great Recession, and the Uses — and Misuses — of History (Oxford Univ. Press, 2015) Stefan Link bookForging Global Fordism: Nazi Germany, Soviet Russia, and the Contest over the Industrial Order (Princeton Univ. Press, 2020)Winner of the Stuart L. Bernath Book Prize, Society for Historians of American Foreign Relations, as well as the Herbert Baxter Adams Prize, American Historical Association Center for Advanced Study in the Behavioral Sciences (CASBS) at Stanford UniversityExplore CASBS: website|Twitter|YouTube|LinkedIn|podcast|latest newsletter|signup|outreachHuman CenteredProducer: Mike Gaetani | Engineer & co-producer: Joe Monzel |
Many countries have faced harrowing debt burdens, and reducing the national debt is usually a lasting challenge. But in just five years, the Jamaica reduced its debt-to-GDP ratio by 40 percentage points, something only a handful of other countries have done in that time frame. On this episode of the BPEA podcast, Peter Blair Henry of Stanford and UC Berkeley's Barry Eichengreen join Brookings Senior Fellow Gian Maria Milesi-Ferretti to discuss their new BPEA paper on the unique factors that enabled Jamaica's success. Show notes and transcript The Brookings Podcast on Economic Activity is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, or wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu.
Barry Eichengreen, professor of economics and political science at the University of California, Berkeley, and Chima Simpson-Bell, economist in the African Department at the International Monetary Fund, joined Taylor Pearce, senior economist at OMFIF, to discuss the rise of gold as a central bank reserve asset. OMFIF's Global Public Investor 2023 report revealed a resurgence in demand for traditional reserve assets, including gold. The podcast explores the structural trends behind the increase in gold accumulation and offers insight into emerging markets' motivations for acquiring it. It also examines the findings of the IMF publication on central banks' post-financial crisis gold reserve growth.
Tune in for this week's trend following conversation with Alan Dunne, where we discuss Barry Eichengreen's paper on living with high public debt and how the high level of debt can be addressed, the relationship between interest rates and GDP, how Forex trading have evolved over time and why it is having a renaissance at the moment. We also discuss return expectations in markets and diversified strategies and Alan reports what he experienced from a recent investor event in Paris.-----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on Twitter.Episode TimeStamps:00:57 - What has been on Alan's radar recently?04:55 - Industry performance update08:16 - Living with high public debt20:27 - Other investors' view on the high level of debt24:10 - How the trading of FX markets have evolved32:58 - Do you need specialists to trade markets?37:45 - China imposing trading restrictions?40:36 - Where returns may go from here?48:49 - High interest rates not beneficial for high leverage strategies?51:05 - Inside knowledge from Paris Investor event59:11 - Alan to host upcoming Systematic Investor episodes01:00:29 - Thanks for listening Copyright © 2023 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things
Barry Eichengreen, Professor of Economics and Political Science at the University of California, Berkeley, is a former senior policy adviser at the International Monetary Fund. He is the author of many books, including most recently “In Defense of Public Debt”. He was also a presenter at the Fed's 2023 Jackson Hole Economic Symposium. In the podcast, we talk about the rise of debt around the world, how the structure of debt has changed, financial repression, and much more. Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive
The 16th Finance Commission is expected to be set up by November. So, this week on Puliyabaazi we discuss how vertical and horizontal devolution is decided based on the formula set by the Finance Commission, why some redistribution is inevitable, and Pranay's three ideas to incentivize better fiscal performance in the states. वित्त आयोग की फार्मूला के अनुसार केंद्र और राज्यों के बीच टैक्स का बंटवारा कैसे होता है? इस आवंटन में क्या बदलाव किये जा सकते है ताकि राज्यों के वित्तीय कामकाज में सुधार हो? इसी पर प्रणय देते है कुछ सुझाव इस पुलियाबाज़ी में। तो सुनियेगा ज़रूर। ***** useful links ***** Let the Fiscal Federalism Games Begin by Pranay Kotasthane https://publicpolicy.substack.com/p/227-looking-ahead-looking-back#%C2%A7india-policy-watch-let-the-fiscal-federalism-games-begin Why the south-vs-north debate is a flawed way to analyse the 15th finance commission formula by Pranay Kotasthane https://theprint.in/opinion/why-the-south-vs-north-debate-is-a-flawed-way-to-analyse-the-15th-finance-commission-formula/44706/ India's Debt Dilemma by Barry Eichengreen, Poonam Gupta and Ayesha Ahmed https://www.ncaer.org/wp-content/uploads/2023/07/Paper-I-Barry-Poonam.pdf Fifteenth Finance Commission Reports for 2021-2026 https://fincomindia.nic.in/ShowContent.aspx?uid1=3&uid2=0&uid3=0&uid4=0 ***** more Puliyabaazi on Public Finance ***** सरकार का पैसा आख़िर जाता कहाँ है? Understanding India's Public Finance ft. Avani Kapur https://puliyabaazi.in/episode/srkaar-kaa-paisaa-aakhhir-jaataa-khaa-hai-understanding-indias-public-finance-ft-avani-kapur हमारी शहरी सरकारें इतनी कमजोर क्यों है? The state of India's Municipal Finances https://puliyabaazi.in/episode/hmaarii-shhrii-srkaare-itnii-kmjor-kyo-hai-the-state-of-indias-municipal-finances ***************** Website: https://puliyabaazi.in Write to us at puliyabaazi@gmail.com Hosts: @saurabhchandra @pranaykotas @thescribblebee Puliyabaazi is on these platforms: Twitter: @puliyabaazi Instagram: https://www.instagram.com/puliyabaazi/ Subscribe & listen to the podcast on iTunes, Google Podcasts, Castbox, AudioBoom, YouTube, Spotify or any other podcast app.See omnystudio.com/listener for privacy information.
In recent years, the absolute level of government debt around the world has risen dramatically. The Covid emergency unleashed a huge wave of public-sector spending in 2020 and beyond. Meanwhile, spending remains high for other reasons, including public investment on climate and energy-related issues. So what does that mean for policy going forward? What does it mean for central banks tasked with controlling inflation? University of California at Berkeley economist Barry Eichengreen presented a paper on exactly this topic at this year's Jackson Hole Economic Symposium. On this episode, we speak with Eichengreen about his research, why it's of importance to central bankers, and what history says about the prospects for fiscal consolidation.See omnystudio.com/listener for privacy information.
University of California at Berkeley economist Barry Eichengreen presented a paper on ballooning government debt at this year's Jackson Hole Economic Symposium. On this bonus content episode of the Odd Lots podcast, Joe and Tracy speak with Eichengreen about his research, why it's of importance to central bankers, and what history says about the prospects for fiscal consolidation.See omnystudio.com/listener for privacy information.
Join Tom Keene, Jonathan Ferro and Lisa Abramowicz, live From the 2023 Jackson Hole Symposium with esteemed guests including Mohamed El-Erian of Queens' College Cambridge, Tracy Alloway of Bloomberg Odd Lots, Patrick Harker of the Philadelphia Fed, Kristalina Georgieva of the IMF and Barry Eichengreen of UC Berkeley.Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.
Sovereign debt history of empires, city-states, early republics & parliaments, and democracies. On August 1, Fitch Ratings downgraded America's credit ratings from AAA to AA6+, which means that Germany, Luxembourg, Netherlands, Sweden, Switzerland and Denmark now have a better credit rating than we do. Fitch Ratings' stated reason for this month's downgrade is "erosion of governance" in the U.S., which makes sense. Back in June, we were on the brink of a national default - thanks to our politicians who were playing political chicken with our nation's debt. And if you recall, back in 2011, during another debt-ceiling standoff between the Congress and the White House, Standard and Poor's downgraded the U.S. government credit rating one notch below the top grade. (WSJ, 8/1/23). But does this Fitch Rating's downgrade really matter? Just last week, Greg Ip, the Chief Economics Commentator at The Wall Street Journal, a senior financial reporter whom I've followed and read for many years, asked the same question. And then, answered it. Yes, it does matter. The risk has to do with rising deficits and interest rates. (WSJ 8/9/2023). The Congressional Budget Office estimates that we'll continue to run a federal budget deficit, which it projects will reach 11.1% in the next 30 years. (WSJ, 7/27/23). The CBO also estimates that by 2029, the federal government will spend more on paying interest on our national debt than it will spend on our national defense. (NYTimes, 7/5/2023). So, is public debt a bad thing, something to entirely get rid of? Not exactly! To better public debt, its history and its useful implementations, I read Dr. Barry Eichengreen's book, In Defense of Public Debt, and invited him to our program. In this conversation, Dr. Eichengreen tells us when government borrowing started and for what purpose. Hint: the prime purpose of government borrowing in the past was war! Most of this discussion with Dr. Eichengreen, as you will note, takes place in the historical context of European countries. This is because Europeans borrowed more frequently than countries in Asia and Africa. Naturally, my follow-up question is why. The answer, once again, has to do with war! In this episode, we also talk about the role of central banks. Here, things get complicated. Dr. Eichengreen also answers this question: do democracies demand more debt? He also tells us how a democracy, such as ours, can run a surplus and eventually solve its public debt problem. To learn more about Dr. Eichengreen (UC Berkeley Economics), you can visit his academic homepage. Listen to Dr. Eichengreen's episode about the U.S. dollar & cryptocurrency. Of course, we cannot talk about America's public debt without also addressing our hemorrhaging entitlement programs. Dr. John Cogan (Stanford University and the Hoover Institution), tells the history of America's entitlement programs, including describing how Americans in the upper half of the income distribution receive humungous entitlement benefits and anecdotes such as Civil War pension still being paid in 2020! Click here to listen. I hope you enjoy these episodes. Adel Host of the History Behind News podcast Watch my guests & I on YouTube SUPPORT: Click here and join our other supporters in the news peeler community. Thank you.
How would she feel about the first-ever U.S. default? How does she feel about high inflation? My guest, Jon Hilsenrath, a senior correspondent of the Wall Street Journal, tells us exactly how Secretary Yellen feels about inflation (a stain on her record), and would feel about the first-ever U.S. default (heart attack!). And he also explains how she was compelled to take this job — a job she initially declined. “These are fucking people!” shouted Janet Yellen as she pounded the table. But it was not vulgarity. It was passion about the plight of people, people who are more than numbers, people who deserve better policies. Secretary Yellen has been worried about a potential U.S. default for at least two years now. And she is determined to get inflation under control. But Janet Yellen has been here before — speaking about and dealing with America's economy. So her story, as told by Mr. Hilsenrath, is really the story of America's economy and its economic thoughts and policies. And in this story, her husband, Dr. George Akerlof, who is a recipient of a Nobel Prize in economics, plays a big role (as she does in his professional life). Yellen, Akerlof and their son, who also has a doctorate in economics, talk shop “all the time” at home. They live and breathe economics. In this episode, Mr. Hilsenrath tells us the many sides of Yellen's personality, and explains how they have in the past and may now influence her decisions — decisions with profound impacts on our economy. You'll hear about (1) Yellen's compulsive preparation (which, at least once, got in the way of swift decision-making), (2) her transition from the regimented and methodical approaches of the Fed to the hustle and bustle and politics of being a member of the U.S. President's cabinet, (3) her and her husband's moral purpose, (4) their desire, from early in their lives, to solve the unemployment issue, (5) their humilities versus the hubris of economists in general, (6) her legacy, and (7) her desire to do good, to do the right thing, in a town in which right and fairness aren't easily defined or attainable. You will also learn and laugh about many important figures in the U.S. economy, and their quirks. You will hear about a family who talks economics all the time — at the kitchen table and on vacation. You can learn more about Mr. Hilsenrath by clicking this link. And here is an Amazon link to his recent book, Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval, which we discuss in this episode. Also, to about the history of the US dollar and its dominance, you can listen to my conversation with Dr. Barry Eichengreen of U.C. Berkeley here: HbN-S2E26. I hope you enjoy these episodes. Adel Host of the History Behind News podcast SUPPORT: Click here and join our other supporters in the news peeler community. Thank you.
Join us for a thought-provoking conversation with Professor Barry Eichengreen, Professor of Economic and Political Science at University of California, Berkeley as we discuss what we can learn from economic history in the current volatile global macro environment. We discuss the uses and misuses of history and look at what history tells us about the policy response to the current strains in the banking system. We delve into Professor Eichengreen's work on the long term outlook for the US dollar, the exorbitant privilege that the dollar's reserve status bestows on the US and whether the Euro and the Chinese Renminbi are becoming credible alternatives to the dollar. We also discuss if rising public sector and private sector debt levels sustainable and whether the global economy has fully emerged from the period of secular stagnation which characterised the last decade.----------EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Cem on Twitter.Follow Barry on Twitter.Episode TimeStamps: 03:19 - Introduction to Barry Eichengreen 08:17 - A potential misuse of history 11:26 - A lesson forgotten? 14:25 - Are things starting to break? 16:49 - A lesson learned 18:44 - Should we be concerned? 22:19 - Are crises inevitable? 24:32 - Is the dollar under threat? 30:10 - The need for safe assets 36:02 - The state of the Euro 39:39 - Making alliances 43:17 - A change in approach...
In Episode 294 of Hidden Forces, Demetri Kofinas speaks with Distinguished Professor of Economics and Professor of Political Science at UC Berkeley, Barry Eichengreen. In his first appearance on this podcast nearly five years ago, Dr. Eichengreen discussed the legacy of the Great Moderation, a multi-decade period of low inflation and positive economic growth that lasted between the mid-1980s and the onset of the Great Financial Crisis. Since then, developed economies have experienced a period of lackluster growth known as “secular stagnation,” characterized by historically low-interest rates, persistently low inflation, and growing levels of social and political instability. The question that Dr. Eichengreen and Demetri wrestle with in this conversation is whether the current period of higher inflation and rising interest rates is a temporary phenomenon or if we are entering a new economic paradigm where sovereign debt levels become unmanageable, multilateral cooperation breaks down, and state power grows at the expense of capital and labor. Their conversation includes a discussion about the future of the US dollar, the potential internationalization of the Chinese Yuan, the crisis brewing in the Japanese bond market, and the role of gold and other commodities as potential reserve assets in a world where fiat-based collateral comes increasingly under stress. You can subscribe to our premium content and gain access to our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe. If you want to join in on the conversation and become a member of the Hidden Forces genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page. If you still have questions, feel free to email info@hiddenforces.io, and Demetri or someone else from our team will get right back to you. If you enjoyed listening to today's episode of Hidden Forces you can help support the show by doing the following: Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed Write us a review on Apple Podcasts & Spotify Subscribe to our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe & Support the Podcast at https://hiddenforces.io Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 01/17/2023
Former US House Speaker Paul Ryan and Professor Barry Eichengreen join Governors Bredesen and Haslam for an informative conversation about our $31 Trillion national debt. Ryan, now a guest lecturer at Notre Dame and Visiting Fellow with the American Enterprise Institute, says our debt burden is a serious risk, both to our currency and ability to provide for future needs. UC Berkeley's Eichengreen suggests that some debt is “good” and may be a necessity in times of war or pandemics.
Hey there Newspeelers, Tune in this Friday for an exciting conversation with Dr. Barry Eichengreen of UC Berkeley Economics about the U.S. dollar. This episode will be available at 6 am ET, Aug. 17th. Talk to you guys then. Adel Host of the History Behind News podcast HIGHLIGHTS: get podcast highlights in your inbox. SUPPORT: please click here and join our other supporters in the news peeler community. Thank you.
In a stark display of their economic power following Russia's invasion of Ukraine, the United States and its allies deployed an array of sanctions aimed at curtailing Russia's access to …
In a stark display of their economic power following Russia's invasion of Ukraine, the United States and its allies deployed an array of sanctions aimed at curtailing Russia's access to …
Behind the News, 3/17/22 - guests: Lily Geismer on market-friendly New Democrats; Barry Eichengreen on sanctions and dollar supremacy - Doug Henwood
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