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要旨:
Monetary systems are inherently unstable because the nominal value of assets fluctuates but the nominal value of debt does not and banks have an incentive to expand credit past the point where debtors can service their debt. The global monetary system is even more unstable because global use of a national currency for denominating credit/debt generates additional contradictions. This lecture walks through six contradictions or antinomies, expanding on and updating the original contradiction Robert Triffin identified between adequate trade liquidity and confidence in the redemption of dollars for gold. This lecture also contains a brief contrast of how these contradictions operated differently in the sterling and dollar eras.
Scholar in Residence Lecture Part 2
