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5min chapter
WiM026 - Money Hierarchies with Nik Bhatia
The "What is Money?" Show
The Uro Dollar Market Is Like a Pyramid Scheme Squared
The uro dollar system is like a pyramid scheme squared. It's almost as if the federal reserve has this legal monopoly, but the freemarket forces surrounding it sort of created this second layer that was satisfying unmet demand. The soviet union doesn't want to domicile their deposits in new york; Shanghai preferred paris. And so there's both political and free market sources of demand for dollars which are now being used by central banks around the world. But i think at least the central banking circles realize that they're not even recognized that much yet.
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