Brad Setser
speaker
466 appearances
2 recordings
1 series
first heard Nov 2024
last heard Apr 2025
Brad Setser’s voice in public audio — every appearance, attributed to the second.
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Appearances
No.
We don't
talk about
You didn't talk about it.
All right.
Not really.
So there there has been one obviously important and significant change, which is the the sanctions on Russia.
No, Russia is one of the top ten.
Global economies produces a lot of oil and the world wants oil.
We, meaning in this case, the US, the EU, the sanctioning coalition, the G ten countries, have generally not actually sanctioned dollar and euro payment.
But even though we have not sanctioned dollar and euro payment, Russia obviously is very concerned that we could, particularly because we've frozen all the central bank's assets and that was a pretty big step.
Russia, to be fair, was the country that did the most before two thousand twenty twenty-two, the invasion, to reduce dollar usage.
Didn't get rid of it, but Russia had moved almost all its reserves out of the dollar.
It had certainly removed all of its reserves out of visible dollars, stuff that the US can see in its normal data reporting, and it had migrated to basically using the Euro for most of its uh oil and gas transactions.
Now that you could say that's just logical.
Russia traded mostly with Europe before the the the invasion, but it was using the euro to denominate trade with China.
Not the yuan, not the dollar.
And I think the main lesson of the sanctions is has been that if you want to diversify out of the dollar.
And you want protection against sanctions, which is the one thing that you get with diversification out of the dollar.
Diversifying out of the euro isn't diversifying far enough.
Showing 321–340 of 466 · page 17 of 24
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