January 16, 2025· 38 min

The Hidden History of Eurodollars, Part 3: Spinning Out of Control

Lev Menand Josh Younger

Orality

Model

82%

Oral-dominant (speeches, podcasts, storytelling)

Speaker Breakdown

HostTracy Alloway(505 words)

M:29%

GuestLev Menand(3,636 words)

M:28%

GuestJosh Younger(1,554 words)

M:29%

Oral Indicators

Agonistic31%

definitely, basically, very

Engagement42%

you, our, your

Memory Aids100%

listen, like, right

Repetition100%

they (61x), it's (51x), dollar (43x)

Parallelism99%

But, no, it's the, final insta..., But this is key because this i..., And, of course, this story is ...

Sound Patterns44%

31 question(s), alliteration: "markets move", alliteration: "barclays brief"

Formulaic Phrases8%

at the end of the day, you know what, i mean

Literate Indicators

Hedging14%

may, maybe, fairly

Passive Voice9%

is when, being directed, be corrected

Abstract Nouns26%

investment, community, business

Subordination10%

because, while, accordingly

Sentence Length41%

Avg: 15.3 words/sentence

Word Complexity49%

investment, analyze, anticipate

Academic Markers0%

Impersonal Style58%

298 personal pronouns found

Descriptive Style93%

apply, incredibly, really

Description

In this special three-part series, Odd Lots is exploring the history of the eurodollar market. By the 1970s, eurodollars are hitting the headlines — and not in a good way. While this new form of money initially acted as a pressure valve for the Bretton Woods system, many now think the eurodollar market has spun out of control. What happens next — including Richard Nixon's decision to take the US off the gold standard — will not only shape the ultimate contours of today's eurodollar market, but will also give us the modern financial system itself. The story is told by Columbia Law School Professor Lev Menand and Federal Reserve Bank of New York Policy Advisor Josh Younger. Read More: US Aims to Tighten Flow of TSMC and Samsung Chips to China Russian Crude Oil Piles Up Near Chinese Coast After US Sanctions Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

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