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
The US isn't capable of making those types of long-term commitments, or everything is going to be hashed out on a case-by-case basis, and that's the new sort of international multilateral paradigm.
That's deeply destabilizing for the Eurodollar market.
And to the extent questions would be raised about whether certain
Countries would be able to actually draw on their swap lines, that could lead to runs and panics, just in the way that in 1932 and 1933, there were runs and panics throughout the US banking system, in part because it wasn't clear the extent to which the Federal Reserve was actually going to be there with discount window lending to backstop those entities.
I'm Lev Manand.
I'm a law professor at Columbia Law School where I study money and banking and the history of central banking.
Remember, in the nineteen sixties, we have US policymakers embracing the Euro dollar market to save Bretton Woods.
Not for its own sake, not to help the London financial institutions compete in a dollar world, but to save Bretton Woods, to win the Cold War, to not embarrass ourselves in front of the Soviet Union.
And now we have Nixon saying, You know what?
The hell with it.
Actually, this gold drain, we need to get
get ourselves out of this.
That approach that Kennedy rejected almost a decade earlier, Nixon embraces, and suddenly the question is, well, why are we tolerating this destabilizing Eurodollar market?
We've decided to just rip the band-aid off.
Right.
Remember, multilateralism is hard.
We spent the last ten years, basically, a group of central banks building up this market to try to save this Bretton Woods system.
You have all these foreign central banks investing their own reserves into these Euro dollar deposits of their domestic banks to try to nurture it.
You have the US with its swap lines trying to suggest there's a lender of last resort back.
To try to nurture this market.
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