Short Takes@Lunch with John Lipsky

John Lipsky (P’96 P’99 P’03 GP’32) joined Dalton’s fifth Short Takes@Lunch of 2021 to discuss the digitization of our global economy. In conversation with History and Economics teacher Mila Tewell, and students Auggie Bhavsar ’21 and Owen Shi ’22, John discussed the advantages and pitfalls of the Central Banks’ digitizing currency and what he calls, “the blurring of the definition of money.”

The student guests asked probing questions such as “How fast do you see this move to a "cashless" society?” and “Where does ‘cryptocurrency’ fit—what role does it play, positive or negative?” (Make sure to check out the accompanying video for his responses!)

There is little doubt that the digitalization of currency is happening and so is the usage of cryptocurrency. John offered some insights here: “The scope for crypto seems limited and digital currency seems huge...Let’s hope for the best. Within three years, about 20% of our global economy will be digital.”

John is the Peter G. Peterson Distinguished Scholar at the Henry A. Kissinger Center for Global Affairs of Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies (SAIS) in Washington, DC. He also is a Senior Fellow of SAIS’s Foreign Policy Institute. Prior to joining SAIS in January 2012, he had served a five-year term as the International Monetary Fund’s First Deputy Managing Director. From May-July 2011, John was the IMF’s Acting Managing Director. Prior to joining the IMF as First Deputy in September 2006, he had been Vice-Chairman of the JPMorgan Investment Bank. Previously, he had been JPMorgan’s Chief Economist, after having served as Chief Economist and Director of Research for Chase Manhattan Bank. Before joining Chase in January 1997, John spent thirteen years at Salomon Brothers – the last five as Chief Economist–following a decade at the IMF. He is a Life Member of the Council on Foreign Relations.