Who Really Controls the Dollar? | Jeff Snider
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This idea that the Fed is some ideal technocratic institution is a modern invention. That didn't show up until the 1990s. You go back and read any contemporary accounts of the Federal Reserve from anything before 1984certainly the 1970s and earlierthe Fed was a joke. Nobody knew who the Paul Volker, nobody who knew who he was. Nobody knew who William Chesney market was. The fed was essentially relegated after the great depression to a back office that sort of did this reserve function targeting stuff to make sure that the government could sell treasury.
Welcome to Bankless, where we explore the frontier of Internet money, and today we explore the problem with Eurodollars. This is Ryan Chaun Adams. I'm here with David Hoffman, and we're here to help you become more bankless. We have the self taught monetary historian. He's the host of Your Dollar University, Jeff Snyder, on the podcast today. Now Jeff believes something interesting. We've never covered this on bankless before. He believes the Fed pretends it's in control of the dollar but actually isn't. What's actually in control according to Jeff? The massive offshore Eurodollar market. We g
You'll notice when Jeff drops that in the episode, Ryan and I are like it was a bit of a record scratch moment. You're like, what? Yeah. Never I've never heard that before. And so the first part of the episode is kinda us going through Jeff's thesis on, like, euro dollar drag. He thinks that the rise of the euro dollars has taken $6,000,000,000,000 off of the growth of domestic GDP here in The United States. That is a new take that I hadn't heard before, so we explore that. And then it all culminates in exactly what Ryan's talking about, how Jeff is bullish bonds. And so we had to just investi
And that's why it's very interesting, I think, because we haven't heard it before. So let's get right into the episode of Jeff Steiner. But before we do, we wanna thank sponsors that made this episode possible.
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Jeff Snyder, welcome to you bankless.
Good morning. How is everybody?
Doing great, man. Doing great. Living the dream. Okay.
For a Monday morning.
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