China, Dole, President Trump discussed on Talking Politics

Talking Politics
|

Automatic TRANSCRIPT

Sometimes called offshore dollar credit system or euro dollar system which is very much bound up with what happened in two thousand eight which one way of describing what happened in two thousand and eight is that lots of non american banks who had the strong need for dollars found themselves on able to get them in essentially had to be out by the federal reserve board so you kind of have an international monetary system that both onshore offshore works for dollars at causes profound problems for the financial sector 'unity for states brazilian china found out in different ways over the last few years when it doesn't work so even if you have if you like pressure from the oil side of it to get away from dollars from the states that i've been talking about everybody's got any idea whatsoever about how to substitute dollars in the way in which international monetary and financial system works now one part of that was completely unintended and i think that the federal reserve in achy understand until till two thousand eight how this off sure dada credit system work but we live in the will that that of dollar system created an isn't going away and hurry and so this is the structural reasons some of this is also about confidence i mean you have to believe in the american state frankly to think that dole is worth what it says they're worth on the piece of paper whatever it is that you have that tells you you own donors is there anything that president like this one could do that would sufficiently shake people's confidence in the american state that could change that dynamic so i completely get what you're saying they're all these things that kind of baked in how we done it for a long time it's really hard to change it there isn't a little tone currency the euro is not that attentive currency the chinese not going to be able to create an alternative currency there are no other takers on the out there that we missed one.

Coming up next