Klein: Historical reserve currency regimes were multi-polar, not single monopolies
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 44:07
Macroeconomist Matthew C. Klein discusses historical currency regimes while responding to Ray Dalio's thesis on the decline of US dollar hegemony.
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“Even in the period where people talk about, like, sterling as the reserve currency, it was notable insofar as, say, like, Japan had most of its foreign reserves in Sterling assets, like the early 1900. But there were other large blocks, and arguably this is a function of empire, but still, like, French francs, or Reichmarks, or you know, US dollars, right? And so, like, it wasn't completely the sort of all one or nothing.”
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