David McWilliams

Is it the end of the dollar?

Is it the beginning of the dollar?

Is the dollar the global reserve currency?

Yes, it is.

Do people want to?

Do the Chinese want to do it?

Do the Germans want to do it?

What happens if the dollar falls?

So there's these relentless questions about the dollar.

And what you're saying is those questions

should or could have a basis, in fact, a reality because things are getting messy.

Explain that to me and then we'll go back again.

So in a way, this is the push and pull approach.

So listeners, if you have suffered monetary economics, you will have suffered this view, which is that the central bank create the money and they push this money into the system.

What you're saying is that in actual fact, something much more interesting happens is that the central banks are pulled around

by the commercial banks who create dollars out of nothing with no permission.

And of course, we hear about all these guidelines and these Bank of International Settlements and this, that, and the other.

But in actual fact, the system is quite chaotic.

And just sticking with that idea before we go on to another fascinating part of the book and argument in the book is to what extent now does the existence of euro dollars.

So I think just to give the listeners a sense, there's about 12 trillion euro dollars out there created by banks who are not regulated by the Fed in a total American supply of dollars of around 20 trillion.