Trump vs the London Bankers: What Really Happened

There's a theory in macro circles that Donald Trump is finally breaking the power of British bankers over the global financial system. Cory Klippsten went deep on it and concluded it's mostly wrong, and that the real story is more interesting.

He goes back to 1694 and the Bank of England, through the 1913 peak of sterling, Suez in 1956, the eurodollar market and LIBOR. Then he takes the Trump-London banker theory seriously, and gives four reasons it doesn't hold. The group that chose SOFR was convened in 2014, and the regulator who announced LIBOR was going away was British.

Britain lost control. London kept its talent for finance. Importance is not the same thing as control.

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Chapters
0:00 Did Trump break the British financial empire?
0:51 1694: the Bank of England
2:21 Cheap credit and the navy
3:02 Britain loses its position
3:16 Suez, 1956
3:51 Eurodollars
4:42 The offshore network
5:30 LIBOR
6:07 The theory
6:59 SOFR
7:49 Reason 1: Suez
8:08 Reason 2: American banks built it
8:47 Reason 3: 2008 and the Fed
9:36 Reason 4: why LIBOR died
10:08 The timeline
10:50 London today
11:18 What actually happened
12:19 Bitcoin and Swan Private

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