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
And so it's highly runnable and unstable.
Insofar as people aren't sure the extent to which the system will be supported
By the central bank of the United States when it gets into trouble in in various bad states of the world.
So in good times, it's fine.
But in bad times, people decide: you know what?
That competing money instrument created in the domestic US banking system, or those T bills, are just a much better place for us to be.
We want out.
And I have a historical analogy since we've been doing so much history on this.
Think about the US систем.
in the nineteen twenties, going to the nineteen thirties.
We created the Federal Reserve and the discount window at the Federal Reserve for domestic US banks
It's like a swap line for the banks directly.
Yeah.
It's doing what the swap lines are doing with the addition of the foreign central bank.
And people thought, oh, we're gonna fix bank runs.
We've got this infrastructure set up.
We created a central bank.
It's going to backstab all these deposits.
And we had the worst bank run ever in the 32-33 period.
What happened?
Showing 921–940 of 1,295 · page 47 of 65
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