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
In 1974, you have the Federal Reserve essentially committing to support the banking systems of European countries that are doing a dollar banking business without.
Following any of the rules that govern the dollar banking business domestically.
And that puts out this fire.
And 2008 is just in many ways a repeat of 1974, where it's not clear: is the US going to do whatever it takes?
And eventually that is made clear, and the fires ultimately subside.
And we still sort of live in
this world where there are lots of runnable money claims in the monetary system.
And there's always a question about the extent to which the central bank is there standing behind them.
And this is why everybody uses LIBOR.
as a measure of interest rates.
The London interbank offer rate is the Euro dollar market interest rate.
We don't actually look to the federal funds rate because the real rate that mattered in the market once more dollars were being created offshore was the offshore dollar rate, LIBOR.
And so LIBOR is perhaps the best sort of
known symbol of the Euro dollar market.
And by the time you get to 2008, the whole system is keyed to the rates in this offshore dollar market as opposed to the rates in the onshore market that the US banking system was sort of developed around.
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