💸💵What is an eurodollar?

➡️The mystery begins

The euro is NOT what you think.

It is our hidden monetary system, lurking in the shadows.

Think of the euro as a black hole, hidden but profoundly affecting everything around it.

The government does not have a monopoly on money; the euro is completely out of the Fed's reach.

➡️The urgent question

What is the origin of the euro? No one is sure!

In the late 1950s, European banks began transacting in American securities, creating a network outside the United States.

➡️ The birth of euros

A report from the Federal Reserve in 1960 reveals the emergence of euros as European banks sought dollar deposits for investments.

Euros are not real dollars; they are a network of claims and transactions.

➡️ The global money network

Euros allow banks around the world to transact efficiently, linking monetary resources to the needs of all continents.

➡️ The ledger money system

Euros are not physical dollars; they are ledger claims on the United States, a virtual currency.

Banks create claims and then use them to intermediate monetary needs worldwide.

➡️A new era of prosperity

Euros have become the lifeblood of a globalizing economy, facilitating trade and investment on an unprecedented scale.

This system has brought about unprecedented global prosperity.

➡️Unintended consequences

The euro has malfunctioned since 2007, and the world risks undoing decades of this progress.

Competing arrangements cannot replicate what euros have done so well - widely available and acceptable money.

➡️The ongoing challenge

To replace euros, something must replicate its capabilities, a tremendous challenge.