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 because that's the means of exchange, it's also the
lending currency associated with financing that exchange and
So we have this dollar financial system.
That's quite a bit distinct from dollar as reserve currency.
You know, Chinese central bank wants to hold treasuries, has a bunch of reasons for that.
Totally different calculus for why um Indian conglomerate wants to sell its products to South American country in dollars.
Different calculus.
And with that second calculus, the euro dollars fit in a bit more.
a bit more, because what's going on there is
The Indian company has a bank and the South American company has a bank and in all likelihood their primary banks are not US based.
And those banks would like to be able to
create dollars, lend them in dollars and not have to look to US banks for that liquidity.
And so what the euro dollar system is really doing is cutting foreign financial institutions into the profits of dollar seniorage.
They're giving them a piece of the action and they're giving them a reason to want to be in the dollar business.
And the way the whole thing got going initially was a lot of London banks wanted to get into the dollar business and we let them in, basically.
And that makes them evangelists for dollar based finance as opposed to
Constantly trying to say to their clients, you know what, let's do this deal in pounds, because we create pounds.
And if we have to do this deal in in dollars, then we're gonna have to go borrow from Citigroup.
The dollars that we need, because we can't just create them ourselves and there's not this whole euro dollar market for us.
We got to go to the domestic US dollar market.
Showing 1101–1120 of 1,295 · page 56 of 65
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