Klein: 2008 dollar rally was driven by liability settlement, not safety
Matthew C. Klein · They Called The Trade Wars & China's Housing Crash | Nikhil Kamath | WTF is Finance Ep 4 · Nikhil Kamath · Jul 28, 2026 · at 42:56
Matthew C. Klein explains why the US dollar appreciated during the 2008 crisis despite the US being the epicenter of the banking collapse.
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“The dollar shoots up and it's not because people thought the dollar was a safe place to be. It's because it happened to be the case that there were a lot of short-term claims denominated in dollars and there were long-term assets that were not. And you know, that was just how people had to pay their bills.”
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