ENCORE: Luke Gromen on the History and (Declining) Future of the Global Dollar System

<p><span style="font-weight: 400;">One of the most significant macroeconomic questions facing the world is what the future of the global reserve system, dominated for the last 80 years by the U.S. dollar, holds. </span></p> <p><span style="font-weight: 400;">Today’s episode is a replay of NLW’s epic conversation with macro analyst Luke Gromen from April 2020. In it, Luke discusses the entire history of that U.S. dollar system, including:</span></p> <ul> <li style="font-weight: 400;"><span style= "font-weight: 400;">Bretton Woods and why the world went on a USD-based system rather than John Maynard Keynes’ idea for a non-sovereign “bancor” world reserve currency</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The move to the petrodollar in the 1970s</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The financialization of commodities that started in the 1980s</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The monetary policy vacuum after the Cold War ended</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">How a shift in executive compensation rules led to many of today’s problems with Wall Street</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The export of Treasury bills as a business model</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The economic fallout of 2008 globally and domestically</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The end of Treasury bill buying in 2014</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Why the Federal Reserve is the only sugar daddy left</span></li> </ul> <p><strong>Find our guest online:</strong><strong><br /></strong><span style= "font-weight: 400;">Website:</span> <a href= "https://fftt-llc.com/"><span style= "font-weight: 400;">fftt-llc.com</span><span style= "font-weight: 400;"><br /></span></a><span style= "font-weight: 400;">Twitter:</span> <a href= "https://twitter