Barry Eichengreen, renowned UC Berkeley economist and author of Money Beyond Borders. He discusses the K-shaped economy and persistent inequality. He explores geopolitical shifts, whether Europe or China can challenge the dollar, and why central banks buy gold. He also examines the rise of smaller reliable currencies and a possible move toward a multipolar monetary system.
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insights INSIGHT
Europe Faces China Shock While Trying To Build Autonomy
Europe is taking baby steps toward economic and strategic autonomy but faces China Shock 2.0 in EVs and clean tech competition.
Structural fixes like capital markets union and labor flexibility remain undone, and political disunity complicates progress.
insights INSIGHT
No Immediate Alternative To The Dollar Exists
Despite efforts to diversify, there is currently no viable alternative to the U.S. dollar as the leading global currency.
The euro has gained virtually no ground internationally and the renminbi remains a second/third-tier currency with about 4% share in SWIFT trade messaging.
insights INSIGHT
Political Institutions Matter For Reserve Currency Trust
Historical patterns show international reserve currencies come from polities with checks on arbitrary executive power.
Eichengreen argues China would likely need an independent central bank and rule-of-law safeguards before the renminbi gains widespread trust.
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Interview recorded - 19th of February, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming on Barry Eichengreen. Barry is a renowned economist and Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987. He is also the author of many books, including the upcoming book “Money Beyond Borders: Global Currencies from Croesus to Crypto”During our conversation we spoke about his thoughts on the economy, the K-shaped economy, geopolitical shift, move away from the US dollar, what it means for the future and more. I hope you enjoy!0:00 - Introduction1:08 - Overview of the economy2:18 - K-shaped economy3:41 - Geopolitical shift6:13 - Europe becoming a world power?9:23 - US currency12:53 - China be trusted?14:58 - Precious metals movements17:09 - Next reserve currencies?19:58 - US Dollar devaluing21:47 - Bifurcating currency world23:56 - Influence for writing the book?25:58 - Any surprises?28:00 - One message to takeaway?Barry Eichengreen is George C. Pardee & Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London, England). In 1997-98 he was Senior Policy Advisor at the International Monetary Fund. He is a fellow of the American Academy of Arts and Sciences (class of 1997). Professor Eichengreen is the convener of the Bellagio Group of academics and economic officials and chair of the Academic Advisory Committee of the Peterson Institute of International Economics. He has held Guggenheim and Fulbright Fellowships and has been a fellow of the Center for Advanced Study in the Behavioral Sciences (Palo Alto) and the Institute for Advanced Study (Berlin). He is a regular monthly columnist for Project Syndicate. His books include The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era (2018), How Global Currencies Work: Past, Present, and Future, with Livia Chitu and Arnaud Mehl, (2017), The Korean Economy: From a Miraculous Past to a Sustainable Future (Harvard East Asian Monographs) with Wonhyuk Lim, Yung Chul Park and Dwight H. Perkins, (2015), Renminbi Internationalization: Achievements, Prospects, and Challenges, co-edited with Masahiro Kawai, (2015), Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History, (2015). He was awarded the Economic History Association's Jonathan R.T. Hughes Prize for Excellence in Teaching in 2002 and the University of California at Berkeley Social Science Division's Distinguished Teaching Award in 2004. He is also the recipient of a doctor honoris causa from the American University in Paris.Barry Eichengreen - Website - https://eml.berkeley.edu/~eichengr/X - https://x.com/B_EichengreenBook - https://press.princeton.edu/books/hardcover/9780691280530/money-beyond-borders?_glWTFinance - Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas
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