Stateless Eurodollar money grew explosively outside any government’s control.

Evidence

‘Eurodollar’ financial market out of surplus US dollars in the mid 1960s is symptomatic of the problem. Quite uncontrolled by any national government, this market in ‘stateless’ money expanded from 50 billion in 1973 to nearly 2 trillion by 1 987, thus approaching the size of the money aggregates within the United States. The volume of Eurodollars increased at a rate of around 25 per cent per year in the 1970s, compared to a 10 per cent increase in money supply within the USA and a 4 per cent growth rate in the volume of foreign trade. — David Harvey, The Condition of Postmodernity, 986

Categorization

• QUESTION: The 25%/10%/4% comparison is striking — worth checking the underlying sources and whether these growth rates are widely cited.