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 so we would have all these foreign financial institutions trying to suggest other currencies for international trade and and financing and not being as gung-ho about the dollar, which is not to say that they would necessarily succeed in convincing the vast majority of their
clients to change currencies, there's a lot of reasons why you would just
You know, open up a bank account with a US-based bank, shift your business there.
At the same time, the US has gotten very far in embedding and entrenching the dollar.
By building this coalition of global financial institutions that all are able to profit and benefit off of being in the dollar, as opposed to trying to keep all of those benefits onshore for US based banks.
So as it turns out
China's swap lines are just totally different from the Fed's swap lines.
And so the Chinese are interested in spreading use of the RMB.
They want
Other countries to use the R and B in trade, especially with China, they would be thrilled if the Indian company wanted to sell to the South American company and denominated an R and B.
Its swap lines though are not trying to achieve that in anything like the way that the Fed swap lines are facilitating dollar money creation.
The Chinese swap lines
Are basically a central bank lending program for indebted foreign governments.
And so it's like World Bank or IMF loans.
And so like a major borrower is Pakistan.
Pakistan has had a swap line with the People's Bank of China.
It is an outcrop of Belt and Road.
It's exactly an outcrop of Belt and Road.
And
In the US, we would just never do that type of lending through our central bank.
Showing 1121–1140 of 1,295 · page 57 of 65
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