The Sound Money Advocates Are Already Throbbing Their Hair Out

The Eurodollar system was not constrained by governments, but there were some constraints. By and large, if a bank could dream up a different way of transacting with another bank, think about things like currency swaps,. A currency swap functions every bit like cash and money being transferred. So if banks are essentially, a bank-centered monetary system that is somewhat unconstrained in the ability to create money, all the sound money advocates out there tearing their hair out because they know where this goes.