Speaker 1: Bloomberg Audio Studios, podcasts, radio news. My book of the
Speaker 1: summer it is Money Beyond Borders. It is a pristine
Speaker 1: two hundred and forty definitive pages. To follow on from
Speaker 1: my book of the summer last year, Money Beyond Borders
Speaker 1: is Berry icon Green of Berkeley. We're honored that our
Speaker 1: definitive international economics professor could join us here amid war
Speaker 1: and crisis. Berry, I want to talk about the book briefly.
Speaker 1: We'll do it again here as we get to the
Speaker 1: summer down at the bottom. I mean, come on, you're
Speaker 1: stealing from rogue off of Harvard Berry. Your last chapter.
Speaker 1: Our currency our problem, Ken said, Our currency, your problem.
Speaker 1: Tell us why the dollar right now is our currency
Speaker 1: our problem?
Speaker 2: I think the dollars fake will be determined in the
Speaker 2: United States by threats to the FED, exploding public debts,
Speaker 2: questions about the rule of law, and weakening alliances with
Speaker 2: partners who hold and use our currency because they trust us.
Speaker 2: So ultimately it is our currency, our problem. I don't
Speaker 2: think I stole it from Ken. I think Ken took
Speaker 2: it from John Connolly, Richard Nixon's treasury set here.
Speaker 1: No one knows who Richard Nixon is Barry, I'm sorry,
Speaker 1: it's two ancient literature, so it's someone if it's my
Speaker 1: book of this summer, And say, Alicia Levine went to
Speaker 1: me and she said to me, I need a book
Speaker 1: for my brats to read. I mean, why should a
Speaker 1: twenty two year old kid, after Golden Fetters and all
Speaker 1: your other work, why should they read money be on Borders?
Speaker 2: Because there is a longer history. The book goes back gulp.
Speaker 2: Two five hundred years to the advent of coinage, to
Speaker 2: the cross border use of Greek and Roman coins, to
Speaker 2: the use of the coins of Byzantine Empire all around
Speaker 2: the Mediterranean into Asia. There's a longer history we can
Speaker 2: learn from Barry.
Speaker 3: Last four weeks, the markets had to adjust to a
Speaker 3: different macroeconomic outlook, perhaps as it relates to energy, given
Speaker 3: what's going on in the Mid East. How does that
Speaker 3: factor into your economic outlook, whether it means higher inflation,
Speaker 3: may be slower growth resulting from some of this geopolitics.
Speaker 3: How do you factor that in or do you look
Speaker 3: past it?
Speaker 2: Well, the one reassuring observation is that dollars safe Haven
Speaker 2: STATA says kind of mildly reasserted itself in the first
Speaker 2: two days of the month after the war broke out.
Speaker 2: At the end of February, the dollar jumped up by
Speaker 2: more than it has in any two day period in
Speaker 2: a year. That's reassuring. On the other hand, I worry
Speaker 2: about more chatter around the FED or criticism of the
Speaker 2: FED coming from the White House, and that threats to
Speaker 2: the independent independence of the Central Bank becoming a factor again.
Speaker 1: As we get to the summer. Barry, I want to
Speaker 1: get you in for a commer conversation. We've got huge
Speaker 1: breaking news right now, but why not. One final question
Speaker 1: is synthesize you're decades of ownership of our international economics
Speaker 1: with what we see at the FED in the rhetoric
Speaker 1: of the President of the United States. Let's say Nick
Speaker 1: Burns or even Secretary Rubio could get you in for
Speaker 1: a cup of coffee with a president. How would you
Speaker 1: advise President Trump?
Speaker 2: Well, I think President Trump's advisors understand the point that
Speaker 2: respecting the independence of the FED is one of the
Speaker 2: foundation stones of the dollar's global role. They have to
Speaker 2: convince their principle of the point, and I think that's
Speaker 2: the hard part.
Speaker 1: Verry Ike agree. One final question, this headline just coming
Speaker 1: out which spans the history of icon Green. The President
Speaker 1: of the United States waives the Jones Act in bid
Speaker 1: curb high fuel prices. The Jones Act is going to
Speaker 1: take forever to have effect, right.
Speaker 2: Right, Many of the things that have been suggested to
Speaker 2: bring oil prices back down will take many months at
Speaker 2: a minimum to have any visible effects. So I think
Speaker 2: a lot of this is posturing, if you will, but
Speaker 2: that's what's available.
Speaker 1: You can hear a lot from me about this folks
Speaker 1: on Twitter and LinkedIn as well. The new book Money
Speaker 1: Beyond Borders Beyond timely global currencies from carasis to crypto
Speaker 1: very icon Green of Berkeley. It is my book of
Speaker 1: the summer