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
It's really hard to think that it has anything to do with the Euro dollar market, which is really not something that is benefiting in any meaningful sense the Chinese.
What does relate to this sort of dollar as a reserve?
Currency for foreign central banks is the liquidity of treasury markets, of course.
And one reason why, you know, Saudis or the Chinese would want to hold their reserves in treasuries.
Is that they can buy and sell very, very easily with very low cost.
That is a shadow banking story in part about the creation of the repo market and treasury repo, which is a way to subsidize liquidity in treasury markets.
But that's not a Euro dollar shadow banking story.
That's a repo shadow banking story.
Okay.
So the f the first point is.
If you change the rules on how banks in Japan and London hold dollar balances and you make them fully reserve, is China gonna decide they wanna hold Euros instead of treasuries?
I that's I find really, really sort of hard to substantiate.
It just doesn't really connect.
So does that mean it has nothing to do with it?
No.
So so
The global dollar is more than just a reserve currency.
It's also a currency of international trade and international finance.
And so there's lots of trade between third countries that doesn't involve the United States, where they use dollars to transact.
That's the means of exchange.
Showing 1081–1100 of 1,295 · page 55 of 65
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