Who Really Controls the Dollar? | Jeff Snider

Listen to this episode from Bankless on Spotify. What if everything you thought about the dollar was wrong?Monetary historian Jeff Snider joins Bankless to deliver a radical thesis: the Federal Reserve doesn't control the U.S. dollar; a sprawling offshore system of interbank ledger money does. This hidden network, known as the Eurodollar system, is the real engine of global finance, and it’s been breaking down for over 15 years.In this episode, we unpack how Eurodollars work, why the Fed lost control, the eerie similarities between stablecoins and shadow banking, and why Jeff sees a “Silent Depression,” masked by asset booms but driven by deflationary forces.If you’ve been bullish on crypto because of debasement fears, Jeff’s counter-narrative might challenge everything you believe.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🪙FRAX | SELF SUFFICIENT DeFihttps://bankless.cc/Frax🦄UNISWAP | SWAP ON UNICHAINhttps://bankless.cc/unichain🛞MANTLE | MODULAR LAYER 2 NETWORKhttps://bankless.cc/Mantle---TIMESTAMPS0:00 Intro5:30 Who’s Actually in Charge of the Dollar?12:55 Stablecoins vs. Eurodollars21:19 Did the Fed Ever Have Control?30:02 Eurodollar Demand & Market Forces38:24 What Backs a Eurodollar?46:38 The Silent Depression Since 200852:58 From Fed Power to $6 Trillion Lost58:45 Jeff’s Portfolio Thesis1:05:24 “There’s No Debasement”1:14:19 The Jeff Snider Portfolio------RESOURCESJeff Sniderhttps://x.com/JeffSnider_EDUEurodollar Universityhttps://www.eurodollar.university/---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures