Lev Menand
speaker
1,295 appearances
6 recordings
1 series
first heard Jan 2025
last heard 17 Jul
Lev Menand’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
I also think this is a topic that we could just keep doing episodes.
No, for sure.
Yeah, and if anything, it matters more today than it did in nineteen sixty-four and nineteen fifty-four, which was the periods we were covering Why why does it matter more today?
Size and centrality in the US dollar monetary system and in the global financial system.
You know, the Euro dollar system right now is probably thirteen billion thirteen trillion dollars in size, which makes it
You know, more than twice as big as the uninsured deposits in the domestic system and almost as big as the overall deposits in the domestic system.
And it's the leading edge of monetary expansion in the US dollar system takes place offshore, not onshore.
And when we were talking about the development of this in the 50s, the 60s, and 70s, the onshore, domestically regulated dollar deposit system was a much bigger percentage of the overall whole.
And now we're in a world that looks quite a bit different in terms of the relative importance.
And we've been in that world.
for about twenty five or thirty years now.
And the 2008 crisis was a crisis of that world.
And 2020 was in part a crisis of that world.
And so we're now in a financial system where instability in the Eurodoll market, that's the main
with the addition of the repo market, that's the main area of instability and concern for our whole system.
You know, in the twentieth century, we still had a sort of like, you know, your grandparents' banking system.
And now it's not.
The swap lines are both enabling the problem and mitigating the downside consequences.
They're enabling the problem because
They
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