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
System in the 1930s and jeopardize this whole almost civilizational conflict that the United States is engaged in at the time.
And so once again, the Eurodoll are there to sort of save the day, in the sense that policymakers, they know their Euro dollars are a problem now, but they need a solution to this oil price shock.
They need to
figure out a way to facilitate the recycling.
And the Eurodollars are in some sense the easy way out.
By the mid nineteen seventies, there was a sense that the whole system was in crisis.
Here's a clip of the Treasury Secretary Bill Simon in March nineteen seventy five laying out the stakes.
Europeans do want to do multilateralism.
They want a public sector solution to this problem.
But US policymakers are very wary of that, in part because it's just like Bretton Woods all over again.
The US doesn't want to share, and they're experiencing this incredible shock to their economy.
We're entering a period of stagflation.
And if
If we can manage the petrodollar recycling in such a way that the oil producers are reinvesting disproportionately in the US, that will help us recover.
If we have to spread out that reinvestment across Europe as well, then it's going to mean a weaker outlook on the US economy.
And so the US rejects this public sector solution in the hopes that the private
Sector solution, Eurodollar recycling of petrodollars, will actually help the US recover relative to everybody else from the economic shock.
Has a little dickfold Lehman Brothers to it.
And you also have a run in the Eurodollar market and in the money markets more generally.
So we've had a decade plus of US policymakers building up this market.
Showing 1221–1240 of 1,295 · page 62 of 65
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