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