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 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
And they experience.
A run.
And if you look at their balance sheet over the course of the summer of 1974, it's a run that looks a lot like the run on Lehman Brothers.
Their repo counterparties drop away and they have to turn to the Fed for a massive discount window loan.
And suddenly the Fed is thrust into the crisis that policymakers have been worrying about for the last several years.
Hydra-headed monster is looking to consume the system.
And the problem of the Eurodollar market overseas has hit the US domestic financial system.
And the story is going to have a lot of resonance for anybody who lived through 2008 because it starts in much the same way.
And it also sort of ends in a similar way.
So I think it's worth saying that the work on understanding what happens in 1974, a lot of archival work was done by Ben Braun and his co-authors, Ari Krampf and Steven Morau.
And they call this communique, the original whatever it takes moment.
The original sort of central bank response to a run where the central bank
Basically, implicitly commits to use its money printing ability to stop the run-like behavior.
And that's an incredibly powerful tool that central banks have.
Because they can print money, they can make good on everybody's money-denominated obligations.
And in 74, you have this critical moment where the
The central banks, especially the US central bank.
Commits itself to this sort of policy.
Remember, in the 1930s, that's not the attitude of the Federal Reserve.
And over a third of the banking system closes its doors.
Showing 1261–1280 of 1,295 · page 64 of 65
← Previous
Next →