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
What happened was.
The Fed didn't support all the banks.
When push came to shove, the Fed allowed a bank called the Bank of the United States, a Jewish run bank based in New York, to fail and created a lot of uncertainty about the extent of its support for state chartered banks that were not members of the Federal Reserve system.
And runs just went throughout the system.
And over a third of the banking system.
ultimately collapsed, even though we had this support system.
And what you saw in 2008 is a s similar problem.
People just don't know how much the Fed will be there and to what extent.
And that can cause
uh systemic catastrophe.
And the reason why we got deposit insurance in part in nineteen thirty-three was the government saying, you know what, we just have to be
Explicit.
About the fact that we're backing these money instruments.
We can't have this implicit insurance program.
that is through Fed lending, we gotta just be explicit.
And that
general matter, the way in which shadow money instruments, non-deposit deposits, deposit alternatives, money instruments, cash equivalents that are competing with just sort of like your checking account at JP Morgan Chase, they are competing on price.
They are paying more interest.
Dan
Obviously, your checking account of J.
Showing 941–960 of 1,295 · page 48 of 65
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