
Hello Readers, I have taken the last few days to rest after an intense 80 hour work week last week, having written four pieces totaling 16,000 words. I also felt that that run of pieces have sufficiently prepared readers for events this week that I didn’t need to rush out a follow up piece about the dollar. However, I thought it would be a good prelude to what I want to say to share- for the first time- the written version of a talk I gave at the University of Manchester nearly seven years ago. This talk, entitled “Monetary Sovereigns, Monetary Subjects and Monetary Vassals: A Spectrum Approach to Monetary Sovereignty and Our Dollar World”, lays out the basic building blocks of how I think about the international monetary order. This talk was written for an international public law audience, but I think its core points remain accessible. In any case, it will be an important touchstone to what I have to say in today’s context. For reasons of historical accuracy, I haven’t updated this talk with my current thinking or anything I’ve changed my opinion about. Nevertheless, I think it holds up quite well. Next week I will refocus on the payments crisis, with multiple pieces about what's going on in that Arena.