The eurodollar market consists of fractional reserve built on top of fractional reserve, where foreign banks issue dollar accounts to customers while maintaining fractional reserves of dollars at US banks, creating multiple layers of leverage on base dollars.
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Evidence Quote
“Eurodollar market... fractional reserve built on fractional reserve... foreign banks will have they'll issue dollar accounts to their customers and then they have an account at a US bank which is itself a fraction of their bank. [25:53]”
Created: 8/11/2026, 7:28:17 AM
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