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

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

This really got other countries worried that the US was going to allow the system to collapse and not do anything about it.

So when Nixon announced his series of measures,

in August 1971.

It came as a great surprise.

Well, the Nixon doctrine was very important because what Nixon basically said there, 1969, he was really talking about Vietnam, but he said that the U.S.

would no longer supply soldiers and weapons to every country that was fighting communism, that they would only do this for their close allies.

But the Nixon doctrine was interpreted as meaning the U.S.

cannot shoulder all these burdens.

And in fact, that's exactly what was happening in the financial arena, that Nixon was saying, we need more burden sharing, a term we hear a lot about today.

We need other countries to expand their defense budgets.

We need other countries to contribute more to the World Bank and the IMF.

We just couldn't afford to do it all.

And this question about the dollar and gold was really a major part of that.

strain?

Well, they certainly thought the US was mismanaging its economy.

And they felt that there was too much inflation in the U.S.

For example, we had a lot of collective bargaining between labor and business, driving up wages and driving up prices.

But I think, you know, looking at it dispassionately, everybody was to blame.

The Germans were mercantilistic.

The Japanese were really mercantilistic.

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