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 this major project that everybody is engaged in.
And all of a sudden, you have Nixon walking away from the whole system.
And now, can we agree on what to do with the Eurodollar market?
Unsurprisingly, no.
Everybody's like, oh, whoa, we have this whole thing that we built up.
What are we gonna do with it?
And the best they can sort of do is say, well, we're gonna stop making it bigger.
It went from half a tether to
as large as one of our major banks today, and larger really by the early 70s, it's like we had a Bank of America and a Citigroup just totally operating offshore.
In Europe
But the tide has turned at this point and you might think that there's gonna be a crackdown, but then the Euro dollar market gets another Deus Ex Machina in the form of a massive dislocation in energy markets.
Here's a clip from nightly news with John Chancellor, which is indicative of what you would have heard during this period.
Good evening.
Oil has something to do with everything, right?
Think about everything that we use.
Oil is an input into the cost of everything that we use because you have to pay to get that to you.
And oil is what is fueling global trade, quite literally.
So if oil prices double or quadruple, that's gonna be felt
Across everything that you buy in consumer goods markets.
And it's hard to overstate how scary this is to policymakers at the time because we're engaged in this cold war with the Soviets, and there's a massive shock to our whole economic system that is threatening to disrupt our whole monetary system, which policymakers have spent the last decade plus agonizing about and concerned that it might go the way of the
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