Josh Lipsky on Financial Statecraft, Cross-border Payments, and the Global Status of the Dollar

乔什·利普斯基谈金融治国之道、跨境支付和美元的全球地位

Macro Musings with David Beckworth

教育

2024-07-15

53 分钟
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Josh Lipsky is the senior director of the Atlantic Council’s GeoEconomics Center. Josh joins David on Macro Musings to talk about the tools of financial statecraft, how they have evolved over the years, and their implications for digital currencies moving forward. Specifically, David and Josh also discuss how financial statecraft would be applied to a possible conflict with China, the current state of the cross-border payments system, the future of wholesale CBDC in the US, and much more.   Transcript for this week’s episode.   Josh’s Twitter: @joshualipsky Josh’s Atlantic Council profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *Sanctioning China in a Taiwan Crisis: Scenarios and Risks* by Charlie Vest, Agatha Kratz, Juliana Bouchaud, Josh Lipsky, Kimberly Donovan, Charles Lichfield, and Niels Graham.   *The Geopolitical Imperative to Upgrade the Dollar* by Jordan Bleicher and Josh Lipsky   *Stablecoins and National Security: Learning the Lessons of Eurodollars* by Timothy Massad   Timestamps:   (00:00:00) – Intro   (00:04:02) – The Russia Sanctions as an Example of Financial Statecraft   (00:10:14) – The Financing of the Russia-Ukraine War   (00:14:08) – The Delicacy of Legal Precedents and the REPO Act   (00:19:10) – Breaking Down the Tools of Financial Statecraft   (00:22:08) – Applying Financial Statecraft to a Possible China Conflict   (00:28:52) – Cross-border Payments and the Global Status of the US Dollar   (00:34:05) – Breaking Down the Development and Geopolitical Importance of mBridge   (00:38:34) – The Future and Importance of Wholesale CBDC in the US   (00:43:28) – Private Sector Alternatives to CBDCs   (00:45:05) – Where is the CBDC Conversation Headed?   (00:49:25) – Closing Thoughts: The 80th Anniversary of Bretton Woods and the Future of Dollar Dominance   (00:52:48) – Outro
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  • Welcome to Macro musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present and future.

  • I am your host, David Beckworth, a senior research fellow at the Mercator center at George Mason University.

  • And I'm glad you decided to join us.

  • Our guest today is Josh Lipsky.

  • Josh is the senior director of the Atlantic Council's geographic center, and he joins us today to discuss the tools of financial statecraft and how they have evolved over the years and their implications going forward for digital currencies.

  • Josh, welcome to the show.

  • Thanks so much for having me.

  • David.

  • Really pleased to be here.

  • Great to have you on.

  • I've been following the work that you're doing there on payments, cross border payments, digital currencies and, of course, financial statecraft.

  • We'll talk about all of that today, but maybe start us off by talking about your work there, what the council is and what it's doing and how you got there.

  • Yeah.

  • Happy to do that.

  • So I've been at the Atlantic Council for years.

  • I was at the IMF before that as an advisor and speech writer to Christine Lagarde.

  • And prior to the IMF, I was at the state Department for about three years.

  • And having been at state and then been at the IMF, I had this realization that oftentimes those two institutions are working on similar issues, but they don't speak the same language.

  • So at State Department, for example, you might be dealing with the rise of terrorism in a certain region at the IMF, you might be dealing with hyperinflation in that same country.

  • But we don't talk a lot about counterterrorism at the IMF, and we don't talk a lot about hyperinflation at the State Department.