Mehrling Debates Rise of “Bretton Woods 3.0” and Future of the Dollar
In his appearance on Bloomberg‘s “Odd Lots” podcast, Perry Mehrling, Professor of International Political Economy at Boston University’s Frederick S. Pardee School of Global Studies, debated Credit Suisse strategist Zoltan Pozsar’s thesis on the birth of a new currency regime he calls “Bretton Woods 3.0” and the future of the dollar more broadly.
In his remarks, Mehrling draws on the findings of his forthcoming book Money and Empire: Charles P. Kindleberger and the Dollar System, which will be released in the United States in late 2022. He discusses the growth of the modern dollar system, the current dollar crisis, as well as the impacts of COVID-19 on global economics. While Pozar argues that the global financial system is more and more fractured, Mehrling argues that the United States dollar remains a unifying element of global economics. U.S. monetary policy is global monetary policy, he argues, and collaboration with global banking partners maintains the coordinated nature of the current dollar system.
The full podcast can be listened to below.
Perry Mehrling is a Professor of International Political Economy at the Pardee School and teaches courses on the economics of money and banking, the history of money and finance, and international money. He is the author of The New Lombard Street: How the Fed became the dealer of last resort (Princeton 2011), Fischer Black and the Revolutionary Idea of Finance (Wiley 2005), and The Money Interest and the Public Interest (Harvard 1997). Recent papers and videos are available on his website, a “one-stop shopping for all things ‘money view.” For more about Professor Mehrling, visit his faculty profile.