Bankless Who Really Controls the Dollar? | Jeff Snider
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Aug 20, 2025 
Monetary historian Jeff Snider, host of Eurodollar University, shares a provocative view that challenges everything you know about the U.S. dollar. He explains how the Eurodollar system, a hidden network of interbank lending, has taken control away from the Federal Reserve. Jeff discusses the eerie parallels between stablecoins and shadow banking, and introduces the idea of a 'Silent Depression' masked by apparent asset booms. His contrarian insights may reshape your perspective on crypto and the economic landscape.
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Fed Targets Rates, Not Money
- The Fed mainly targets an interest rate because it no longer controls global dollar money creation.
- Eurodollars are an offshore ledger system that evolved outside Fed control and shape global finance.
Ledgers, Not Paper, Run The Dollar
- Ledger money depends on who keeps the ledgers, not printed currency.
- Dealer banks operate as the super-ledgers that maintain eurodollar circulation globally.
Why 'Eurodollar' Is A Misleading Name
- The term "Eurodollar" started in 1960 because London was the center of offshore dollar activity.
- Jeff notes the name is misleading; "euro" really means offshore and not Europe specifically.