The Hidden History of Eurodollars, Part 3: Spinning Out of Control
Odd Lots
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Economic Turmoil and Monetary Policy in the 1970s
This chapter explores the tension between U.S. monetary policy and European calls for a multilateral economic approach during the 1970s. It discusses the pivotal role of petrodollars, the impact of key banking events like the collapse of the Herstadt bank and the Franklin National Bank crisis, and the responses from central banks to stabilize the financial system. Through these events, the chapter illustrates the complexities of global finance and highlights historical patterns in monetary policy that echo through subsequent crises.
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