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• Acknowledgements Preface 1. The Eurodollar Introduced i) An inevitable Improbability ii) The Market iii) What is New? iv) Inflation and the Eurodollar v) Exchange Rates and the Eurodollar vi) The Eurodollar Market and Risk vii) How much Debt is Tolerable viii) Who is Liable? ix) Is the System Understood? x) The Heart of the Matter 2. Why it all Happened i) Balance of Trade Identities ii) The Balance of Payments in the Past iii) The Balance of Payments in the Mid-Twentieth Century iv) A Multiple ‘Equilibrium’ Diagram v) Multiple ‘Equilibrium’ – World Markets Cleared vi) Multiple Equilibrium and the Market Mechanism – Excess Consumption by Forgery vii) The Rise and Fall of the International Monetary Fund Reference 3. The Chronicles of the Planet HTRAE i) Htrae ii) The Beginnings of the Namyac-Bal Market iii) The Stock Money in Defcitia iv) The Astonishing Expansion of the N.B. Market v) Was the N.B Market Inflammatory vi) The Role of Balancia in the N.B. Market vii) Controlling National Money Supplies viii) The First Great Crisis on Htrae ix) Aftermath x) The End of the First Crisis xi) The Final Collapse xii) Diagnosis 4. Eurofinancing in Practice i) The Beginnings ii) Necessary Distinctions iii) Market Growth iv) Market Structures v) Sources of Finance 5. Market Instability: Risk and Speculation i) Eurodollar Market Efficiency ii) Elements of Risk iii) Experience with Risk iv) General Features of Risk v) Exchange Rates vi) Eurocurrencies and Market Behavior vii) Dollar-Deutschmark Exchanges viii) A Final Comment 6. Some Euromarket Folklore i) An Official View ii) Domestic Monetary Management iii) US Reserve Requirements Proposals iv) A Challenge to National Sovereignty v) The Euromarket and Lenders of the Last Resort vi) The European Approach 7. Prognosis and Prescription i) What of the Future? ii) Atrophy iii) Or Dramatic Collapse iv) Overhang? v) Special Drawing Rights (SDRs) in Lieu of Overhang? vi) Repudiation of Debt vii) Prescription 8. Up-date and Commentary 1983 i) The Story Continuted ii) Soothing Words iii) A Statistical Illustion? iv) Financial Intermediation v) Rescheduling for ever i) Supervision and Control vii) SDRs and ECUs viii) The Last Word 9. Up-date and Comentary 1984 i) Growth of Debt to 1983 ii) Eurobonds iii) Conventional Wisdom 1984 iv) Unstable Exchange Rates – A Monetary Phenomenon v) International Debt Transactions vi) Debt and the Dollar Exchange Ratio vii) Only One Message viii) False Money ix) A Standard of Value x) Securing Convertible Money xi) International Debt with Sound Money xii) Proper Money and Exchange Rates xiii) How to Deal with Existing Debt

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• Acknowledgements Preface 1. The Eurodollar Introduced i) An inevitable Improbability ii) The Market iii) What is New? iv) Inflation and the Eurodollar v) Exchange Rates and the Eurodollar vi) The Eurodollar Market and Risk vii) How much Debt is Tolerable viii) Who is Liable? ix) Is the System Understood? x) The Heart of the Matter 2. Why it all Happened i) Balance of Trade Identities ii) The Balance of Payments in the Past iii) The Balance of Payments in the Mid-Twentieth Century iv) A Multiple ‘Equilibrium’ Diagram v) Multiple ‘Equilibrium’ – World Markets Cleared vi) Multiple Equilibrium and the Market Mechanism – Excess Consumption by Forgery vii) The Rise and Fall of the International Monetary Fund Reference 3. The Chronicles of the Planet HTRAE i) Htrae ii) The Beginnings of the Namyac-Bal Market iii) The Stock Money in Defcitia iv) The Astonishing Expansion of the N.B. Market v) Was the N.B Market Inflammatory vi) The Role of Balancia in the N.B. Market vii) Controlling National Money Supplies viii) The First Great Crisis on Htrae ix) Aftermath x) The End of the First Crisis xi) The Final Collapse xii) Diagnosis 4. Eurofinancing in Practice i) The Beginnings ii) Necessary Distinctions iii) Market Growth iv) Market Structures v) Sources of Finance 5. Market Instability: Risk and Speculation i) Eurodollar Market Efficiency ii) Elements of Risk iii) Experience with Risk iv) General Features of Risk v) Exchange Rates vi) Eurocurrencies and Market Behavior vii) Dollar-Deutschmark Exchanges viii) A Final Comment 6. Some Euromarket Folklore i) An Official View ii) Domestic Monetary Management iii) US Reserve Requirements Proposals iv) A Challenge to National Sovereignty v) The Euromarket and Lenders of the Last Resort vi) The European Approach 7. Prognosis and Prescription i) What of the Future? ii) Atrophy iii) Or Dramatic Collapse iv) Overhang? v) Special Drawing Rights (SDRs) in Lieu of Overhang? vi) Repudiation of Debt vii) Prescription 8. Up-date and Commentary 1983 i) The Story Continuted ii) Soothing Words iii) A Statistical Illustion? iv) Financial Intermediation v) Rescheduling for ever i) Supervision and Control vii) SDRs and ECUs viii) The Last Word 9. Up-date and Comentary 1984 i) Growth of Debt to 1983 ii) Eurobonds iii) Conventional Wisdom 1984 iv) Unstable Exchange Rates – A Monetary Phenomenon v) International Debt Transactions vi) Debt and the Dollar Exchange Ratio vii) Only One Message viii) False Money ix) A Standard of Value x) Securing Convertible Money xi) International Debt with Sound Money xii) Proper Money and Exchange Rates xiii) How to Deal with Existing Debt

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• Acknowledgements Preface 1. The Eurodollar Introduced i) An inevitable Improbability ii) The Market iii) What is New? iv) Inflation and the Eurodollar v) Exchange Rates and the Eurodollar vi) The Eurodollar Market and Risk vii) How much Debt is Tolerable viii) Who is Liable? ix) Is the System Understood? x) The Heart of the Matter 2. Why it all Happened i) Balance of Trade Identities ii) The Balance of Payments in the Past iii) The Balance of Payments in the Mid-Twentieth Century iv) A Multiple ‘Equilibrium’ Diagram v) Multiple ‘Equilibrium’ – World Markets Cleared vi) Multiple Equilibrium and the Market Mechanism – Excess Consumption by Forgery vii) The Rise and Fall of the International Monetary Fund Reference 3. The Chronicles of the Planet HTRAE i) Htrae ii) The Beginnings of the Namyac-Bal Market iii) The Stock Money in Defcitia iv) The Astonishing Expansion of the N.B. Market v) Was the N.B Market Inflammatory vi) The Role of Balancia in the N.B. Market vii) Controlling National Money Supplies viii) The First Great Crisis on Htrae ix) Aftermath x) The End of the First Crisis xi) The Final Collapse xii) Diagnosis 4. Eurofinancing in Practice i) The Beginnings ii) Necessary Distinctions iii) Market Growth iv) Market Structures v) Sources of Finance 5. Market Instability: Risk and Speculation i) Eurodollar Market Efficiency ii) Elements of Risk iii) Experience with Risk iv) General Features of Risk v) Exchange Rates vi) Eurocurrencies and Market Behavior vii) Dollar-Deutschmark Exchanges viii) A Final Comment 6. Some Euromarket Folklore i) An Official View ii) Domestic Monetary Management iii) US Reserve Requirements Proposals iv) A Challenge to National Sovereignty v) The Euromarket and Lenders of the Last Resort vi) The European Approach 7. Prognosis and Prescription i) What of the Future? ii) Atrophy iii) Or Dramatic Collapse iv) Overhang? v) Special Drawing Rights (SDRs) in Lieu of Overhang? vi) Repudiation of Debt vii) Prescription 8. Up-date and Commentary 1983 i) The Story Continuted ii) Soothing Words iii) A Statistical Illustion? iv) Financial Intermediation v) Rescheduling for ever i) Supervision and Control vii) SDRs and ECUs viii) The Last Word 9. Up-date and Comentary 1984 i) Growth of Debt to 1983 ii) Eurobonds iii) Conventional Wisdom 1984 iv) Unstable Exchange Rates – A Monetary Phenomenon v) International Debt Transactions vi) Debt and the Dollar Exchange Ratio vii) Only One Message viii) False Money ix) A Standard of Value x) Securing Convertible Money xi) International Debt with Sound Money xii) Proper Money and Exchange Rates xiii) How to Deal with Existing Debt