Lev Menand on *The Fed Unbound: Central Banking in a Time of Crisis*
Macro Musings with David Beckworth
00:00
The Shadow Banking System
The fed was instrumental in actually building the system. So at least at one point, really believed that this system would be good. The gobaldollar system did not emerge overnight. A shadow baism of the scope and scale that we saw on two thousand and eight that was beyond the ability of the banking system to support. And an active role was played by government officials.
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