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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Appearances
There is the cleanest answer, which is an international agreement like Basel, call it Basel Four.
That is quite simple.
It says
each jurisdiction shall ensure that
The financial institutions in that jurisdiction only issue short-term money-like liabilities in their own currency.
And so if you're a London-based bank regulated by UK financial regulators, you cannot issue a dollar demand deposit type liability unless.
It's fully reserved on the asset side of the bank with a dollar instrument, either a dollar at a US bank, like a correspondent bank.
And that's gonna actually tie into the second question, or like a T bill of a very short maturity.
And so, you know, you could still have lots of dollar based banking globally.
You wouldn't be getting rid of global dollar.
You would be stabilizing the global dollar by going to
Full reserve banking for the global dollar.
There would be no money creation outside of the US.
The expansion of the dollar money supply would happen by US domestic banks, but dollars could be held by, say, Japanese banks as long as it was on a one-to-one basis.
And I think that would be the optimal answer.
And we could talk about why.
But you don't have to go all the way.
To that.
You could allow some dollar money creation outside of the US, but subject it to some type of US-based oversight and regulation to have congruence between the domestic dollar money creation regulatory scheme and the overseas dollar money creation regulatory scheme.
What makes the current system so unstable and difficult to govern is
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