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Emergence of the Eurodollar System | The Snider Series | Episode 2 (WiM088)
The "What is Money?" Show
Are You a Central Bank?
In 19 70, for example, you think m ones em one's obviously obsolete because banks are doing something else. What do we do? We're a central bank. We're supposed to do money. We can't even define it. So the answer came later in the seventies and in the early eighties, where they said, aha, we won't have to worry about the monetary details. And so what we've been taught all along these last forty years, is that central banks are central to the system, when they're really not. But in a expectations base policy, you have to believe that they are, otherwise it all falls apart. As soon as you realize that
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