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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The Story of Money · Why Richard Nixon torpedoed the global monetary system · 3 Jun 2026 podcast

and Germany and other European countries were recovering.

And so there were more and more dollars in circulation.

terms,

Yeah, the thing is that all the trade for the United States, exports and imports, was only about seven or 8% of the GDP.

So from an American standpoint, they simply couldn't manage their economy to satisfy international requirements.

It was a domestically based economy.

But from the standpoint of other countries, they were very, very concerned because U.S.

economic management was so domestically oriented.

And Jillian, as you said, it led to a lot of inflation.

It meant that the

fiscal and monetary policies were all about the US and US growth, and the rest of the world was a secondary consideration.

there

Basically, what Triffin said was, if the dollar is going to be the international currency, you would need more and more dollars to finance what was an ever-growing global economy.

There was more and more trade, more and more need for dollars.

But that meant that the US had to run deficits in order to supply those dollars.

And at some point, the size of the deficits would be so great that it would cast doubt on whether or not these dollars were worth what everybody thought they should be.

And certainly, it meant that the dollars could not be redeemed in gold.

I don't think anybody anticipated how quickly

Europe and Japan recovered and how much the dollar was in demand until it wasn't.

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