Fragmentation in the Euro and Dollar, Bitcoin Solution - FED 101
Euro fragmentation versus dollar fragmentation, and how Bitcoin serves as a solution for the coming age of deglobalization.
Hosts: Ansel Lindner and Christian Keroles
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Fed Watch is the macro podcast for bitcoiners. Each episode we discuss current events in macro from across the globe, with an emphasis on central banks and currencies.
In this episode, I tackle a question CK put to me in FED 100, namely, why does the Euro face fragmentation risk and the dollar doesn’t? My answer on the last show was sub-par, so I thought I’d take it up again, this time with more nuance. When evaluating the dollar’s fragmentation risk, we can look at it from an internal perspective of fragmentation within the 50 States, or an external perspective of a fragmentation of the global dollar system. I answer the question in this episode from both angles, and also explain how bitcoin becomes a “must have” money in the future.
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Here is some further reading on internal differences:
Academic paper https://sci-hub.ru/10.1257/aer.103.3.125
Associated LSE blog post https://blogs.lse.ac.uk/europpblog/2013/08/26/the-us-may-show-the-eu-the-way-forward-on-fiscal-integration/
Historic defense/security costs https://eh.net/encyclopedia/military-spending-patterns-in-history/
Fiscal politics in the Euro Area https://www.imf.org/-/media/Files/Publications/WP/wp1718.ashx
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