Why The Dominant U.S. Dollar Refuses To Go Away

Odd Lots

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4.4 • 1.6K Ratings

🗓️ 16 September 2019

⏱️ 36 minutes

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Summary

For years, people have been predicting the demise of the U.S. dollar as the global reserve currency. Although the U.S. economy has been shrinking as a share of the world's GDP, the dollar continues to grow ever more dominant. Yet its strength is increasingly cited as a factor behind economic problems around the world. On this week's Odd Lots, the economist David Beckworth, a research fellow at the Mercatus Center, explains the dollar's persistent and growing strength.

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0:00.0	Join us in New York on November 29th for the Bloomberg Canadian Finance Conference,
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0:45.0	I'm Tracy Allaway.
0:49.0	Tracy we've both been covering financial markets and the
0:50.0	Tracy we've both been covering financial markets and the economy for, I think, roughly the same amount of time, right?
0:57.0	You are four years older than me. I know you forget this from time to time.
1:02.0	But yeah, I- Wait wait are you a millennial I'm on the
1:05.5	cusp of a millennial I'm what they call an elder millennial Joe but roughly
1:10.0	the same short so one of the things that I think has been a persistent theme for as long as I've been following this stuff is people predicting the inevitable demise of the US dollar as the global dominant safe asset.
1:27.0	Wouldn't you, would you feel the same way?
1:29.0	Oh, for sure.
1:31.0	And there are certain, let's say conspiratorial leaning websites and
1:36.2	commentators who love to take up this topic in fact I still remember my dad
1:41.3	emailing me about how the Iraq war was caused by Iraq demanding or
1:46.7	starting to offer crude oil in euros as opposed to the US dollar. So this is something that comes up all the time
1:54.4	that there's going to be...
1:55.4	Sure, I say, I just had a really good idea.
	...

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