Thank you. What's going on, guys? It is Sunday, June 28th, and today I'm doing another edition of the

breakdowns Long Read Sunday, where I look at and read a piece from someone else.

So today I'm going to be reading the excellent crypto dollars and the evolution of Eurodollar

banking by Max Bronstine and Abby Feldman.

It was written in April, but is honestly one of the best primers on this incredibly important topic that I've come across,

so I hope you enjoy it.

Overview.

While Bitcoin is rapidly assimilating into the global monetary picture, the dollar is

unequivocally the world's reserve currency, given its dominance in world trade and the scale of

the global demand that exists for dollar-denominated debt. Furthermore, there is a massive supply

demand and balance in the dollar market today, particularly exacerbated by foreign entities

who need dollar liquidity to service their debts and to trade with other countries.

Crypto-dollars, namely stable coins and synthetic dollars created through derivative contracts,

are uniquely positioned to help service the world's dollar demand,

and will likely see immense growth in market capitalization as the world looks for easier and more programmable ways of storing,

transacting, and financing in dollars.

For a technology lauded by enthusiasts as a way to escape the dollar,

cryptocurrency might actually do more in the near term to sanction the dollar rather than to weaken it.

In this paper, we explain why.

The dollar's assent.

One of the more interesting and before the recent collapse, non-consensus macroeconomic theory

pertaining to today's monetary system is the dollar milkshake theory.

...