WiM026 - Money Hierarchies with Nik Bhatia
The "What is Money?" Show
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Dollars Are Not the Same Thing as Offshore Uro Dollars
Onshore Uro dollars are a time bomb. Unless we the federal reserve issue a central bank swap line to the european central bank, in which the uros can create uros out of thin air, post them as collateral to us. The e c b is now an arm of the fed. Because of this, people don't understand that. And it doesn't mean that the e c b has to ask the fed for permission to do things that's not what i'm talking about. Christine legard is doing her own thing. She doesn't have to call j pal to say, can i do this? They make their own policy. But when shit hits the fan,
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