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.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
At first, nobody denied that the U.S.
had enough gold.
In 1955, for example,
the middle of the Eisenhower administration, a calculation was made that 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%.
So over the period, it became clearer and clearer that the basic commitment of exchanging the dollar for gold was not credible.
And the big strain came because there were so many dollars in circulation.
that countries felt they didn't need all those dollars, and also they were very worried about the way the U.S.
managed its economy, and they were afraid that inflation in the U.S.
would actually reduce the value of the dollars they were holding.
So all through this period, 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.
That's probably true.
The amount of gold relative to dollars outside the US became lower and lower and lower.
And it wasn't that people didn't know this because the US published the statistics.
But they simply didn't want to abandon the system, the Bretton Woods system, for fear that they didn't know what was on the other end.
The U.S.
was not managing its economy well.
Its trade competitiveness was declining as Japan and Japan.
Showing 41–60 of 224 · page 3 of 12
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