Funding the Future Is the dollar failing?
Jan 16, 2026
The podcast dives into the dollar's role as the backbone of global trade and how recent US politics are shaking trust in it. It discusses the structural issues behind persistent US deficits and highlights the fragility of relying on one currency. Keynes' Bancor proposal is explored as an alternative to stabilize global trade. The limitations of BRICS currency ideas are analyzed, and there's a call to consider a neutral international clearing system to prevent growing volatility. The conversation emphasizes the urgency of reforming the current reserve currency framework.
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Dollar Is Global Plumbing
- The US dollar acts as global plumbing: settlement mechanism, safe haven, and store of value.
- Trust in US institutions underpins this role and that trust is now eroding under political pressure from Donald Trump.
Global Liquidity Depends On US Deficits
- The world depends on US deficits to supply global liquidity and money.
- That structural reliance creates political resentment and makes the system fragile long-term.
Keynes’ Bancor Explained
- Keynes proposed the Bancor as a neutral clearing unit for international settlements.
- The Bancor would be central-bank money used only for settling international debts, not a public retail currency.