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
There's some value in having a uh um your currency used by others because borrowing is cheaper, your financial industry gets bigger, it's profitable, um government and and uh Wall Street in this case like it.
But there are disadvantages which we discussed at the beginning in terms of people wanting to hold your currency b uh r raising
its value and tending to tending to create external deficit.
Well the I think the difficulty to me is in the unit of account function, it's quite easy to do that.
There's th there's no doubt.
So you could say the S Dr is how and indeed it can it already is done.
The special drawing right is the unit of account in valuing people's GDP and all the rest of it.
Um and uh in deciding how much you owe people.
You know
So and so many SDRs.
But if you're starting to transact
then you have to s to go through financial markets.
And financial markets are national, or in the case of the e Eurozone Eurozone.
They they along with financial markets go regulators, who are ultimately backed by the the sovereigns.
Uh you have backstops for financial markets provided by central banks and treasuries, which again
So a financial system that is separated from a sovereign i is well, I I actually think there never it never really has existed.
But in the modern era when we're in fiat currency, paper money and the vast proportion of our money is created by banks which are regulated by sovereigns, uh the the two
really
together.
And the IMF into a bit of a government.
Showing 41–60 of 495 · page 3 of 25
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