Jeffrey P. Snider(@JeffSnider_EDU):The most important financial system on earth has nobody in charge of it. Not by accident. By choice. Almost every global transaction runs on dollars created offshore, outside the US. China and the world depend on them. So who is responsible for that system? Nobody. The Fed says its mandate stops at the border. In 2008, when the offshore market broke down in London, Fed officials called it a Bank of England problem. Not ours. Back in the 1960s, officials game-planned who would step in if it broke. Then they decided it did not matter. So no one took the job. 2008 proved that a disaster. More than a decade later, nothing has changed. We still run the world's reserve currency with no one accountable for it.

2026.09.10 03:30

The most important financial system on earth has nobody in charge of it. Not by accident. By choice. Almost every global transaction runs on dollars created offshore, outside the US. China and the world depend on them. So who is responsible for that system? Nobody. The Fed says its mandate stops at the border. In 2008, when the offshore market broke down in London, Fed officials called it a Bank of England problem. Not ours. Back in the 1960s, officials game-planned who would step in if it broke. Then they decided it did not matter. So no one took the job. 2008 proved that a disaster. More than a decade later, nothing has changed. We still run the world's reserve currency with no one accountable for it.