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The US monetary expert speaks to Thomas Chow about similarities between the dollar and 18th century Dutch money and why Washington has bet on the ‘wrong horse’ with private stablecoins
You’ve written extensively about monetary history. What motivated you to author Money beyond borders, and what makes it different from the rest of your work?
I was motivated by two considerations coming together. Number one: there has been a growing amount of chatter around the prospects for the US dollar. There are long standing concerns about US indebtedness and what that implies for fiscal dominance – pressure on the Federal Reserve to accommodate the Treasury’s need to service that large and
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