Martin Wolf
speaker
495 appearances
3 recordings
1 series
first heard Nov 2024
last heard Jun 2025
Martin Wolf’s voice in public audio — every appearance, attributed to the second.
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Appearances
He can't have everybody investing in the US and get rid of the current account deficit.
I think that is the case.
Uh so that creates a very interesting question of where the world might go.
Uh why do we end up I think it's an important question with m usually a dominant reserve currency?
And the argument, of course, uh uh uh rests on that n nice um economist phrase network effects.
Uh it's convenient to use a currency.
Currency that everybody else uses.
You know it will be accepted, it's easy to trade, it's easy if because of the volumes of business in it worldwide, to settle um uh payments, to buy things, goods, services, uh and capital uh assets and so forth.
So the world tends to converge on a safe currency.
Historically when the sterling was
The dominant pound sterling was the dominant reserve currency.
It was backed by gold.
The link with gold, of course, with in the case of the dollar was broken in nineteen seventy-one by Richard Nixon, and then the dollar emerged supreme all on its own.
And there are therefore very powerful reasons for wanting to have a single currency.
There have been discussions in the past of having a global currency, the special on right, the SD.
At the IMF, but the sovereigns of the world don't want to agree on that because that means actually agreeing on how it should be uh created and distributed, and there's never been enough consensus on that.
Lots of other political problems.
So you end up with a national currency or a currency possibly of a union like the European Union.
Now, if you have that, uh then somebody of course gets into the
From that.
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