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Today, Perry Mehrling, Economist and internationally recognized expert on our monetary system, joins us to talk about his new book: \u201cMoney and Empire: Charles P. Kindleberger and the Dollar System\u201d. Perry\u2019s book is a \u201cbiography of the dollar\u201d told through the life \u201cCharlie\u201d Kindleberger, an economist who helped craft the Marshall Plan and spent his life studying and writing about the best way to organize international money. We discuss why Charlie thought the world needs a \u201ckey currency\u201d and how the Fed - reluctantly and slowly - grew to support the dollar as it took on that role. Perry explains why the dollar system has proved so resilient. We finish the talk with an examination of two of the Fed\u2019s most important tools - QE and swap lines and discuss why one supports the system while the other might undermine it. 

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Episode TimeStamps:

02:27 - Introduction to Perry Mehrling and Charles Kindleberger\t

10:03 - What is the Sterling System?\t

15:01 - Establishing a central bank\t

23:35 - The impact of World War 2...