Monetary Mechanics

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Issue #16: The Origins and Evolution of the Modern Monetary System

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Issue #16: The Origins and Evolution of the Modern Monetary System

Part 3: "Liability Management" – The Re-Emergence of Wholesale Finance (The Eurocurrency/Eurodollar Banking System)

Maroon Macro
Sep 7, 2021
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Recall that there are a few fundamental innovations that have radically transformed our monetary and banking system in the post-WWII era:

  1. Liability Management (a.k.a. “wholesale finance”) – the expansion of banking strategy that transformed banks from passive acceptors of deposits to aggressive operators in the money market. This includes federal funds b…

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