The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line, the second tier including those who can offer acceptable collateral, and the third tier including everyone else. It is a global dollar system, with the Fed operating de facto as the global central bank providing international lender of last resort support to the system. It is a system created not so much by conscious design, but rather as a pragmatic response to crisis, bit by bit over time. A reading, by Emil Kalinowski.

----------WHO----------
Perry Mehrling is a Professor of International Political Economy at the Pardee School of Global Studies, Boston University, where he teaches courses on the economics of money and banking, the history of money and finance and international money. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.

----------WHAT----------
A Money View of International Lender of Last Resort: https://bit.ly/3Ezqikv

----------WHERE----------
Perry's Website: https://sites.bu.edu/perry/
Perry's Twitter: https://twitter.com/PMehrling
Perry's Coursera Course: https://bit.ly/31GRHiF

Emil's Twitter: https://twitter.com/EmilKalinowski
David's Art: https://davidparkins.com/

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-----EURODOLLAR 101-----
• @CatherineSchenk: https://bit.ly/3fFLMix
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• @PMehrling: https://bit.ly/31GRHiF
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