Challenges for the reserve currency

Challenges for the reserve currency

How much longer can the United States rely on the US dollar to dominate the global financial system, and what happens when the cracks finally start to show? In this week's Debunking Economics podcast, Phil Dobbie and Professor Steve Keen travel back to the 1944 Bretton Woods conference to revisit John Maynard Keynes's ultimate lost argument. Steve details how Keynes's visionary proposal for a global clearing union and an international currency—the Bancor—was explicitly designed to penalise both hoarding surplus nations and debt-ridden deficit nations, spreading wealth to developing countries and preventing destructive "beggar-thy-neighbour" tariff wars. By rejecting Keynes's framework in favour of institutionalised US dollar hegemony, the modern global economy has instead trapped itself in a cycle of systemic trade imbalances and ballooning private debt. Tune in to explore why today's aggressive tariff landscapes are exposing the structural fragility of the greenback, whether Alternative Modern Monetary Theory (MMT) baseline assumptions are entirely wrong about trade, and what a chaotic shift away from the world's primary reserve currency means for global stability.

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Avsnitt(511)

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Phil and Steve confront the global surge in anti-immigration rhetoric and right-wing political momentum, tracing its roots to the structural failures of neoliberalism rather than the actions of migran...

23 Juni 48min

GDP is hopelesss as a relative measure

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17 Juni 45min

 Is Labour right to cut tax incentives for housing speculators?

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Hedging an Uncertain Future

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20 Maj 38min

Conditioned to borrow, not save

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13 Maj 45min

Improving Productivity

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In this episode of Debunking Economics, Steve Keen dismantles the mainstream economic obsession with "Total Factor Productivity" (TFP), labeling it a mythical construct that ignores the laws of physic...

6 Maj 32min

Beating inflation?

Beating inflation?

Phil and Steve analyze the 2026 return of double-digit inflation, characterizing it as a structural cost-push crisis rather than the result of excess consumer demand. Keen argues that with Brent crude...

30 Apr 38min

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