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Are We Headed Towards a Monetary Breakdown? | Jeff Snider
Hidden Forces
Is There a Meaningful Distinction Between Your Dollars and Dollars?
There is no specific point of demarcation. The swap lines have been totally ineffective. They don't prevent anything because there's no, the real issue here is in a ledger money system, the keepers of the ledger are the money. And these dealer banks don't have to be US banks. There really wasn't a meaningful distinction between domestic US dollar and offshore US dollar. But they did break down during these crisis as dealers undergo balance sheet constraints that makes it more difficult for seamless integration.
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