2min chapter

Hidden Forces cover image

The Rise of the Global Dollar System | Perry Mehrling

Hidden Forces

CHAPTER

The Evolution of Financial Intermediation in the United States

Charlie Kindle Burger and Robert Trifen disagreed on the role of New York as a financial intermediary. The US is doing financial intermediation, he would say, in the sense that it's borrowing short but lending long to Europe. And that's exactly what London did and still does, to some extent, when it was the center of the world.

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