I never encounter shadow banking in my previous reading that's why I am really clueless about the Eurodollar market. Reserves too, I find it a controversial topic. At first, it was unthinkable for me for a bank to operate without reserves, but when I think of cryptocurrency we are doing here exactly the same thing. As for collateralization, it is interesting that I find confirmation even from the pens of the experts themselves in international finance an alarming admission about the existence of a significant percentage of questionable assets. As for cash flow, yes it is king.