To put it another way, if regulators had been aware of what was going on as the EuroDollar system was being created, the dollar’s standing in the world today would be far less than it is.

That is presuming they could stop it. The system was set up by the international bankers which operated outside the reach of the Fed. Even if they wanted to do something, they are bound by law.

Of course, it did alleviate Triffin's paradox.

It is also why a decentralized system is vital. Build it outside their reach.

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