The second most-often question I get asked is, OK, smart guy, since you say the current eurodollar system is irrevocably broken, what do we do about it? [This comes right after the most popular question, um, what is a eurodollar?] I typically avoid answering for two reasons. First, since hardly anyone is ready for the first question, it is somewhat [...]
Working with my colleague Joe Calhoun (mostly him), we’ve come up with what we think is a list of questions that quite naturally arise from this week’s discussions of bank reserves, some specific and technical, the monetary system, some theoretical, some practical, and the (much) wider economic consequences which follow from those. 1. When the bank buys a Treasury note/bond/bill [...]
Emperor Xi of China is still at. Showing no signs of letting up, still looking like the early stages of a purge, Communist Party Leader Xi Jinping continues to reorder the country’s vast security apparatus. His current target is the internal police and security force, which used to answer to the State Council.Now it answers to the Party, not the [...]
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