Lev Menand on *The Fed Unbound: Central Banking in a Time of Crisis*
Macro Musings with David Beckworth
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Dollar Clearing in New York
The us. could simply deny dollar clearing in new york to any foreign financial institution that is issuing dollar denominated deposits without a license from the united states. The other tool is, obviosly, the swap line themselves. There would be reciprocia where foreign countries would be permitted to engage in a dollar banking business only if they followed us. Banking regulations and comply with this scheme. And similarly, uro n, you know, the creation of yen outside of japan.
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