Chapter 6 Bonding global markets
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This chapter begins to trace out the institutional ramifications of US risk power in the international bond market. Standing as the pivot of the IBM, US Treasury debt set down the conditions for a transatlantic hub and spoke financial system centred around Wall Street. As this system developed in the 1960s, key European financial circuits became tied into short-term dollar funding markets, and firms in London and across the continent stockpiled US debt obligations, both for their own portfolio and to sell to their clients.

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