Corporate Lending Now Powers Financial Wild West: Shadow Banking System Unleashed
In the 1950s and ’60s, a strange thing happened to the U.S. dollar: It left home. The Marshall Plan saw billions of dollars depart the United States to rebuild Europe. Those funds deposited in banks outside America—mostly in London—became known as “Eurodollars.” Operating beyond Federal Reserve and U.S. banking regulators’ reach, they moved with minimal…