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
We're gonna connect it back a little bit, but
The dollars roll as a reserve currency, that what that's directly about is the fact that foreign central banks hold
Treasury securities as their reserve assets.
It's not about using the dollar to transact or to finance trade.
Although those are also related, it's about the fact that
The Chinese, for example, have huge reserves and they have to invest those reserves, and they have chosen to invest a very large percentage of them in treasuries.
So dollar as reserve currency means foreign central banks hold reserves in treasuries.
And
They have chosen treasuries for lots of reasons, having very little to do with certainly whether their their domestic financial institutions have the ability to create dollar deposit liabilities versus have to hold one-to-one balances with US banks, but also even that has little to do with whether dollars are being used to finance.
trade or settle international transactions.
If you are a central bank and you have
A very, very large amount of reserves, let's say a couple trillion dollars.
What assets are you gonna put it in?
And the choice to invest in treasuries has
А ло тоді вис економік hegemony.
And
The sheer
enormous quantity of US treasuries.
Then it has to do with what currency is being used to globally trade.
So Ch China, for example, has, you know, historically held lots of US treasuries.
Showing 1061–1080 of 1,295 · page 54 of 65
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