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.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

newest first · ▶ plays the moment

Now it's reached a size and scale where a run on it might jeopardize U.S.

financial stability more generally.

This one bank fails in Europe, and the contagion starts to spread onshore in the United States.

And there's one bank in particular that gets caught up right away, and it's this bank called Franklin National Bank.

And Franklin National Bank has a bank charter.

So it's not a shadow bank.

They were an early promoter of credit cards.

You know, they are a pushing the envelope type of bank.

And they are a chartered bank, but they are getting involved in shadow banking type funding sources.

And so you can run your bank with just deposits on your right-hand side.

That's the normal way to do it.

But over the last 10 plus years, these deposit alternatives.

Have been proliferating.

One is an offshore US dollar deposit.

That's what we've been talking about.

That's a Euro dollar.

Another is a repurchase agreement that can be an onshore or an offshore transaction.

And Franklin National Bank is doing both.

They're doing both of these.

And so they have deposits, but they also have these deposit alternatives that are highly runnable, that are not FDIC insured.

Showing 1241–1260 of 1,295 · page 63 of 65