Triffin’s Paradox, a Redux

Posted On Mar 18, 2021 By Addison Wiggin

President Richard Nixon tried to solve Triffin’s paradox in 1971 by suspending the convertibility of dollars into gold. From that point on, the dollar was without an anchor and the global monetary system went from a fixed to floating regime. Yet the dollar maintained its role as the world’s reserve currency. So Triffin’s paradox stayed in play. Sure, there have been challengers to reserve currency status: the Japanese yen, the Euro, gold for a spell… now crypto currencies. But even Bitcoin is priced in U.S. greenbacks. And so we wait…

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