Excellent interview guys! The forced short summary is a welcome change, since Jeff sometimes provides me with more details than I can process. Looking forward to the follow up!
Eurodollar is NOT just ledger money, it can be lent out in any kind of currency but has to be paid back in actual US dollars. Its not 'funny money' or 'virtual currency' as Jeff said repeatedly, no one would ever accept a currency that could not be exchanged with real currencies.
I feel like every time I listen to JS and EK I learn something. Quick question regarding you talking about a system that would have to be put in place to replace the usd as global reserve currency. You said the cny has a long way to go to get there. What would you say about Btc or some other L1 taking that position? It would seem to have all the qualities you could ask for. Transparency, auditing by anyone, fast transactions, global network, and most of all would be trust. I should note I’m not a huge crypto guy but I do think they are interesting.
Jeff, you dismissed the role of the USA current account deficit. If foreign entities need dollars, where else can they get those dollars--on net--except by extracting them from the USA? By selling real goods and services to USA buyers in exchange for nothing but dollars? Surely the USA share of global GDP shrinking from 50% after WWII down to 20% now plays some role in the growing challenges of backing repo borrowing with dollar-denominated collateral which remains liquid in a crisis.
Jeff states that China still needs to build out it's infrastructure and that therefore a decoupling wouldn't immediately impact the CNY... But itsnt China building the infrastructure with their Belt and Road Project and the" rebuilding" of the Silk Road?
At closing, she surgically destroyed Jeff's pent-up, inflated optimism. After 70 minutes of peeling the onion, Jeff thought his sunshiny hopefulness would salvage the need for eyes in the back of his head. She was having none of it.
“Long term project.. to replace or have a competing system to the Eurodollar..” all the points made against what would need to be done is very very hard not to see Bitcoin as thee natural ecosystem to accomplish what the Eurodollar system does.. convince me otherwise ha
Excellent interview guys! The forced short summary is a welcome change, since Jeff sometimes provides me with more details than I can process. Looking forward to the follow up!
Sincere thanks :-) Chapeau bas !
listened again, amazed at the seemingly revolutionary ideas that are really just common sense - "I feel like I'm taking crazy pills!"
This is a very clear explanation. Thank you!
Great session folks - A good high level summary that brings together many threads to create a compelling global perspective.
Super interview, enjoy the directness.
CONGRATULATIONS! HAPPY HOLIDAYS
As Winston Churchill was working to form the United Nations after WWII, he famously said, “Never let a good crisis go to waste”
Eurodollar is NOT just ledger money, it can be lent out in any kind of currency but has to be paid back in actual US dollars. Its not 'funny money' or 'virtual currency' as Jeff said repeatedly, no one would ever accept a currency that could not be exchanged with real currencies.
I feel like every time I listen to JS and EK I learn something. Quick question regarding you talking about a system that would have to be put in place to replace the usd as global reserve currency. You said the cny has a long way to go to get there. What would you say about Btc or some other L1 taking that position? It would seem to have all the qualities you could ask for. Transparency, auditing by anyone, fast transactions, global network, and most of all would be trust.
I should note I’m not a huge crypto guy but I do think they are interesting.
Question for Europeans: Is Europe investable and/or is it becoming investable or getting less investable? Thanks in advance for the response.
Oh, no. This is a whole new rabbit hole!
Jeff, you dismissed the role of the USA current account deficit. If foreign entities need dollars, where else can they get those dollars--on net--except by extracting them from the USA? By selling real goods and services to USA buyers in exchange for nothing but dollars? Surely the USA share of global GDP shrinking from 50% after WWII down to 20% now plays some role in the growing challenges of backing repo borrowing with dollar-denominated collateral which remains liquid in a crisis.
"Bank lending creates deposits." BoE, 2014
Jeff states that China still needs to build out it's infrastructure and that therefore a decoupling wouldn't immediately impact the CNY... But itsnt China building the infrastructure with their Belt and Road Project and the" rebuilding" of the Silk Road?
Who is the Raven of Zurich?
At closing, she surgically destroyed Jeff's pent-up, inflated optimism. After 70 minutes of peeling the onion, Jeff thought his sunshiny hopefulness would salvage the need for eyes in the back of his head. She was having none of it.
Sounds like it would take more than political will. Not sure the current crop is bright enough, though....
“Long term project.. to replace or have a competing system to the Eurodollar..” all the points made against what would need to be done is very very hard not to see Bitcoin as thee natural ecosystem to accomplish what the Eurodollar system does.. convince me otherwise ha
Emil looked like a fidgety school boy