Jeffrey Garten
speaker
224 appearances
1 recordings
1 series
first heard Jun 2026
last heard 3 Jun
Jeffrey Garten’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
In 1955, for example, the U.S.
had 165% more gold than it needed to redeem all the dollars outside the U.S.
But by 1970, 1971, it only had 25%.
There was a fear in the U.S., and actually in other countries too, that they would come to the U.S., say, here are dollars, we want gold, and the U.S.
wouldn't be able to redeem it.
Thank you.
It's a pleasure to be
I was nowhere near him personally, but I was on something called the Council on International Economic Policy, which was the equivalent of the National Security Council in the White House.
And I was at least exposed to all of the economic and financial issues of the time.
Well, the people at Bretton Woods, especially the US and the UK, wanted to make a new monetary system that would avoid the problems of the 1930s, a time in which there was enormous amount of protectionism.
And so they decided that there should be one stable currency in the middle of the whole system.
And that was naturally the dollar because the U.S.
currency was so strong and basically everybody wanted it.
And the U.S.
had about 60% of the world's gold.
And the U.S.
basically said...
Anyone who wants to redeem their dollars in gold, we will give you $35 per ounce of gold.
And the idea was the dollar would be the central stake in the system.
It would be like the planet around which all the other planets revolved.
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