#148: Oliver Bullough, journalist and author
Always Take Notes
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Suez Is the Moment When the World's Financial System Goes Mega
When Britain ran the British Empire, London was the world's financial system. When countries gained their independence from us and went off on their own way, the city of London went from being the world'sFinancial center to just being Britain's financial center. But all of this plumbing that had previously moved money around the British Empire still existed. So it was lying dormant, it was ready to be reactivated when Soviet banks discovered a loophole in rules about international money flows. And so they called it offshore because it was figuratively outside the reach of any government's control.
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