This idea that the Fed is some ideal technocratic institution is a modern invention.

That didn't show up until the 1990s.

You go back and read any contemporary accounts of the Federal Reserve from anything before 1984,

certainly the 70s and earlier.

The Fed was a joke.

Paul Volker, nobody who knew who he was, nobody knew who William McChesley-Martin was.

The Fed was essentially relegated after the Great Depression to a back office

that sort of did this reserve function targeting stuff

to make sure that the government could sell treasure.

Welcome to bank lists, where we explore the frontier of internet money,

and today we explore the problem with Euro dollars.

This is Ryan John Adams. I'm here with David Hoffman, and we're here to help you become more bankless. We have the

self-taught monetary historian. He's the host of Eurodollar University, Jeff Snyder, on the podcast

today. Now, Jeff believes something interesting. We've never covered this on bankless before.

He believes the Fed pretends it's in control of the

dollar, but actually isn't. What's actually in control, according to Jeff, the massive offshore

euro dollar market. We get into his head in today's episode. A few things we discuss. How the Fed lost

control, the birth of euro dollars, stable coins as the new Eurodollar, the cause of the silent depression

in labor over the last 15 years, and why all this makes Jeff bullish on, you're never going to

believe this. Treasuries. He's bullish on treasuries. You'll notice when Jeff drops that in the

episode, Ryan and I are like, it was a bit of a record scratch moment.

You're like, what? Yeah. I've never, I've never heard that before. And so the first part of the

...