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 months

Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

newest first · ▶ plays the moment

So you take the 1950s, people talked about a dollar shortage.

There wasn't enough dollars to finance all the increase in global trade.

But by the 1960s, they talked about a dollar glut.

There were too many dollars.

And so the Triffin dilemma was basically indicating that at some point, this system had to be totally restructured.

If I could take one moment for history...

During the Bretton Woods discussions, it was all about stable exchange rates and the expansion of trade.

And there was no contemplation of private capital and its importance.

In fact, the Bretton Woods officials, they didn't like private capital crossing borders.

They thought that was one of the reasons why there was such a collapse in finance in the 1930s.

But capital will come when it comes and it will go where it goes.

And by the late 50s, early 60s, it was clear that private capital was moving across borders in ever greater amounts and with ever greater speed.

And there emerged a capital market in Europe called the Eurodollar market.

These were dollars in European banks that were not regulated by either the Europeans or by the U.S.,

And so what Nixon was talking about was there was a massive amount of capital that was available for speculation.

And he attributed this speculation to a lot of the financial crises that occurred in the 60s.

The valuation of the British pound, revaluation of the German mark.

He called them financial speculators because he was trying to

make them the enemy, and therefore justify all the other measures he was talking about on August 15th.

It was a big thing.

Showing 81–100 of 224 · page 5 of 12