Jeffrey Sachs
speaker
2,211 appearances
16 recordings
9 series
first heard Oct 2024
last heard 4 Sep
Jeffrey Sachs’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 — 11 in all, peaking in Aug 2026 with 2.
Appearances
It's not a means of payment that is secure and safe and convenient.
It's a currency where you really might get screwed.
First, the United States may confiscate your assets if it doesn't like what you're doing.
Or the United States may say, we're going to block your trade.
We're going to do exactly what Besant threatened.
We're going to write your economy out of this international system because we don't like that you're trading with Iran or we don't like that you're trading with Russia.
Well, this has now been noticed by all of the world, I would say.
And over the last five years, the big countries that are in the so-called BRICS, Brazil, Russia, India, China, South Africa, and a number of others now, are saying, look, why should we use the dollar
as the mechanism for us trading with each other, especially when the US is threatening us every day with some kind of crazy D-Day.
And so what they're doing step by step is just building alternative payments systems.
And China has a China interbank payment system now, CIPS or CIPS.
And China, which is a larger economy than the United States in absolute terms when measured at a common set of prices, what we do and what they do, they're about 30% larger than the United States and the biggest trading partner for almost all of the world.
They're saying we're going to move to renminbi or Chinese currency invoicing for more and more of our transactions.
And so this question about the use of the dollar is absolutely in play.
And I can tell you as a technical economics matter,
It's not hard to shift out of one currency into another to make payments.
There is no real reason why trade between Saudi Arabia and China or
Iran and China should be in dollars at all.
There's no compelling case for that.
And so the shift to what they call local currency settlements or to renminbi, Chinese currency settlements, it's going to happen in the next few years.
Showing 61–80 of 2,211 · page 4 of 111
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