In 2011, Ben Bernanke said he didn’t think money market funds should exist. But they do, and play a pivotal part in the monetary plumbing, a key thread in the eurodollar fabric. Bring on the non-banks.

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Having laid out three different types of “links” in these long chains of interbank transactions, we’re on the lookout for three symptoms of potential systemic strain. But first, a look out how money rates can be misleading.

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Going back to our monetary diagrams, it’s time to throw in the derivatives wrinkle. What is a dollar short, and why is it such a big deal? We explore it here.

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Rather than keep going deeper into the eurodollar fabric, Jeff thought it might be best first to take a brief detour into the foundations for any reserve currency regime. When doing so, we can begin to appreciate why the eurodollar was so successful…until it wasn’t.

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Now we’re really starting to weave the eurodollar fabric. Picking up from cycles of credit/money creation out of the long chains of interbank liabilities, now we add another layer, the Big C: collateral.

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In this second video of the series, Emil and Jeff go beyond simple cross-border illustrations right on into the long chains of interbank liabilities that make up the basics of the eurodollar to illustrate the main fundamental concepts behind a reserve-less ledger system.

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Our previous Five-part Trilogy established QE and bank reserves as complete and utter failures. Why? The banking system. So, our next Five-part Trilogy is going to dive into the very bank and monetary evolution which made future QE inevitably ineffective.

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The final of our “five-part” trilogy on QE’s comprehensive failure, this the one everyone always asks about. Sentiment. Stocks. If central banks can’t create consumer inflation, and they can’t, do they make asset inflation instead? Emil and Jeff actually do the math.

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